Wah Kwong sets up clean fuels-focused subsidiary

Hong Kong-based shipowner Wah Kwong has established a new subsidiary dedicated to the procurement and trading of clean fuels as part of its broader strategy to diversify and advance clean energy solutions for the maritime industry.

The new subsidiary, Venture Energy, will be positioned in Hong Kong and connect producers of clean fuels in China to end users around the world, developing plant projects and procuring products both for downstream customers and for the potential future requirements of Wah Kwong and other shipowners.

Venture Energy will also offer an end-to-end solution to producers seeking to supply customers at core bunkering ports across Asia from plants in the Mainland, Wah Kwong said.

Starting in late 2026, the subsidiary aims to offer methanol supply from a portfolio of plants, which will be compliant with ISCC EU rules and meet the Tier 2 surplus Carbon Intensity requirements outlined under MEPC 83.

Wah Kwong noted that Venture Energy has nearly 500,000 tonnes per annum of supply and continues to develop “a competitively priced portfolio”.

The commercial development of Venture Energy and its operations will be led by General Manager Deepak Devendrappa, who joined the company from his previous role as Global Director of Low Carbon Markets at Methanex Corporation and a Board Member of the Methanol Institute.

Greg McMillan, previously Investment Director at Wah Kwong Maritime Transport, will head the company as Executive Director.

Hing Chao, Executive Chairman of Wah Kwong, commented: “As the energy transition gathers pace, it is increasingly important we push new ventures to invest, produce and deliver diversified solutions industry needs to decarbonise. MEPC 83 has sent a clear message to the industry and with this impetus behind the maritime sector, we expect the development of clean fuels market to accelerate.

“Wah Kwong has long been committed to the sustainable development of the maritime industry and Venture Energy can take a leading role, tapping China’s strategic role in scaling clean fuel supply chain.”

Deepak Devendrappa added: “Leveraging Wah Kwong’s extensive experience and expertise in shipping, we are expanding to the growing Green fuels segment as an investor, off-taker, and fuels supplier. China can contribute significantly in terms of lowering Green fuel costs for shipping companies and we are committed to working with esteemed companies along this Green fuels value chain. We want to thank our partners for trusting us and making us a part of this maritime decarbonisation.”

As part of its endeavors to support renewable fuels development, Wah Kwong recently formed a strategic partnership with clean energy equipment and services provider CIMC ENRIC.

The companies agreed to work on renewable fuel projects and joint investment opportunities, specifically green methanol bunkering applications, logistics, and bunkering services, with Wah Kwong acting as an offtaker, responsible for downstream operations, and a logistics partner for part of CIMC ENRIC’s green methanol capacity.