ITOCHU Corporation has signed an MoU with marine fuels supplier Peninsula Petroleum on the joint development of ammonia bunkering in Algeciras, Spain.
Algeciras is strategically located on the Gibraltar Strait, has access to the Atlantic and sees high annual ship traffic, making it an ideal spot for bunkering operations. It is also part of a planned green maritime corridor by Cepsa & Yara to connect the ports of Algeciras and Rotterdam for ammonia and methanol export from Spain to the Netherlands.
Peninsula is highly active in the alternative marine fuels industry (including LNG and biofuels) with strong relationships across the Mediterranean, including the Port of Algeciras. In June this year Peninsula commenced bunkering operations near the Suez Canal, an emerging epicenter for ammonia maritime fuel developments.
ITOCHU is already highly active in the ammonia bunkering space. Along with VOPAK and other partners, ITOCHU conducted a feasibility study on ammonia bunkering in Singapore. ITOCHU is also promoting the development of bunkering hubs in other European ports, Panama, the Middle East & Japan.