GoodFuels to partner with ITOCHU for sustainable low-carbon marine fuels

ITOCHU Corporation, one of Japan’s largest general trading companies, and GoodFuels, the leading biofuels pioneer for the global transport industry, have announced a new partnership agreement to scale sustainable marine biofuel in Singapore, Japan and Asia-Pacific.

ITOCHU is actively engaged in the wholesale, distribution, and bunkering of petroleum products in both Singapore and Japan, while GoodFuels specialises in the sourcing, development, production, and delivery of sustainable marine biofuels with a presence in the Netherlands and Singapore. This new strategic partnership will enable the two companies to build the market and the supply chain necessary for wider adoption of marine biofuel.

This long-term partnership, which was signed on 12 May 2022, will combine ITOCHU’s mature trading and supply operations and developed client base with GoodFuels’ deep expertise in sustainable biofuels, extensive client and sourcing portfolio and strong sustainable impact brand. Under the partnership, ITOCHU will be responsible for logistics, blending and distribution, whilst GoodFuels will mainly be responsible for sourcing, production, technical expertise and brand marketing. Both parties will share responsibilities in sales and marketing and work jointly towards scaling capabilities in production and sourcing.

ITOCHU and GoodFuels will initially focus on the supply of sustainable marine biofuels to all Singaporean territorial waters, waterways, and harbours, as well as prospective customers transiting the Strait of Malacca. Then, in the second phase of the partnership, the companies plan to scale up deliveries to the wider Asia-Pacific region, including Japan.

GoodFuels’ sustainable marine biofuels deliver an 80-90% well-to-exhaust reduction of CO2 emissions for oceangoing vessels. They require no technical changes to the tanks or engines and are produced from independently certified renewable feedstocks that cannot be used for any higher quality application or recycling.

Source: GoodFuels