Ammonia Bunkering Venture Launched by Peninsula and Itochu
Marine fuel supplier Peninsula and Japanese trading house Itochu have launched a joint venture to develop ammonia bunkering across Europe.
Key Objectives
The new company, I&P Marine Ammonia, will focus on key European and Mediterranean ports as the partners look to build supply chains for ammonia as a marine fuel.
Background
The venture follows a memorandum of understanding signed by the two companies in September 2023 covering the joint development of ammonia bunkering in Spain.
Joint Venture Approval
The European Commission cleared the creation of the joint venture earlier this year under the EU Merger Regulation.
Services and Operations
The approval covered marketing services linked to ammonia bunkering supply operations, as well as trading, supply, procurement, logistics, sale and purchase of ammonia as marine fuel in the EU, Gibraltar and Morocco.
Partners' Capabilities
Peninsula said the new venture would combine its marine fuel supply network and customer base with Itochu’s fuel production and supply chain development capabilities.
Ammonia Fuel Position
Itochu has also been building its ammonia fuel position. Last year, the Japanese group ordered what it described as the world’s first ammonia bunkering vessel.