Marubeni Corporation (hereinafter, “Marubeni”) has concluded a strategic partnership agreement (hereinafter, the “Agreement”) in the marine fuel business with SINOPEC FUEL OIL SALES CO., LTD. (hereinafter, “SINOPEC FUEL OIL”), a subsidiary of China Petroleum & Chemical Corporation (Sinopec Group), China’s largest state-owned energy and chemical company specializing in marine fuels.

Background
The maritime industry is undergoing significant changes accompanying the global tightening of environmental regulations and the trend toward decarbonization. Last year, the International Maritime Organization (IMO) announced a new target of “net-zero GHG emissions by around 2050,” with demand for new fuels such as biofuels, LNG, and methanol anticipated to grow rapidly in the coming years because of this development.

The Agreement
Marubeni began collaborating with SINOPEC FUEL OIL in the marine fuel business in 2010, and in 2019, both companies signed a memorandum of understanding (MOU) regarding further cooperation in this field. Marubeni has been the exclusive distributor of SINOPEC FUEL OIL’s marine fuels to Japanese shipowners’ vessels calling at major ports in China, and, together, the companies have expanded their cooperation by jointly developing new supply locations. As a result, Marubeni currently holds the leading share in the marine fuel supply market for Japanese shipowners in China.

Under this new Agreement, Marubeni and SINOPEC FUEL OIL will further develop their partnership, both in conventional marine fuels and by exploring the potential to handle new fuels such as biofuel, LNG, and methanol. Marubeni and SINOPEC are now aiming to build a new fuel supply chain by leveraging the strengths of both companies. Furthermore, the Agreement represents an important step toward strengthening the relationship between the two companies as well as establishing a new framework for cooperation, with a view to expanding into the global market, including Asia, in anticipation of growing demand for new fuels.

Outlook
Through this Agreement, Marubeni will further enhance its marine fuel supply services by securing new fuel resources and providing efficient and stable supply, and is committed to delivering optimal and high-quality products and solutions that cater to customer needs. Marubeni will continue to support the sustainable development of the maritime industry and contribute to the achievement of international decarbonization goals and the sustainable growth of the shipping sector.

Company Overview

Company Name:	SINOPEC FUEL OIL SALES CO., LTD.
Location:	Beijing, People’s Republic of China
Established:	2010
Representative:	Yang Junze, Executive Director
Business:	Sales and supply of marine fuels
Website:	http://fuel.sinopec.com/fuel/en/