The partnership aims to build a comprehensive ecosystem, leveraging each party's unique expertise to accelerate the maritime sector's decarbonisation efforts.
In a significant move set to accelerate the green transformation of the port and shipping industry, VENEX Company Limited—a joint venture between The Hong Kong and China Gas Company Limited (Towngas) and Foran Energy Group Company Limited—has entered a landmark Strategic Green Fuel Supply Cooperation Agreement with global environmental leader Veolia and SIPG Energy (Shanghai) Co., Ltd.
The collaboration is strategically designed to leverage the distinct strengths of each party. VENEX will contribute its specialised knowledge in green methanol production and operations, an expertise built through its parents' strong energy background. Veolia brings its formidable experience in local decarbonising energy solutions and its extensive worldwide decarbonisation know-how, ensuring high standards of sustainability and efficiency are met. Crucially, SIPG Energy, an arm of the Shanghai International Port Group, provides its leading advantages in port energy infrastructure, which will be vital for developing the bunkering and distribution elements of the network.
The tripartite alliance is a direct response to China's "dual carbon" goals and the urgent global imperative for decarbonisation in the maritime sector. The core objective of the agreement is the integrated development of a comprehensive green methanol supply and distribution network, forging an end-to-end green fuel ecosystem that spans from production to bunkering (ship refuelling).
Peter Wong Wai-yee, Managing Director of Towngas and Chairman of VENEX, highlighted the joint venture’s integral role. "Leveraging our extensive expertise and operational excellence in green methanol production and management, VENEX will play an integral role in building the green fuel industry ecosystem," he commented.
Estelle Brachlianoff, CEO of Veolia, noted the synergy with her company's strategic goals. "Veolia is pleased to support the Port of Shanghai with its advanced technologies and proven know-how to become a global leader in the supply of sustainable green fuels and accelerate the decarbonisation of the port and maritime sector. This cooperation is fully in line with the GreenUp strategic program," she stated.
Yang Zhiyong, Vice President of SIPG, noted that SIPG would use this "pivotal opportunity" to develop a comprehensive green fuel supply ecosystem across the entire value chain, with the ultimate goal of establishing Shanghai Port as a flagship green fuel hub.
The integrated effort promises to deliver sustainable fuel solutions to port and shipping companies, systematically reducing the industry's historical reliance on fossil fuels. This coordinated development is poised to drive a profound low-carbon transformation, fostering a greener industrial ecosystem in transportation.
