ENEOS Corporation, Marubeni Corporation - Introduction of an Environmental-Friendly Fueled Ethylene Carrier
January 14, 2022 at 08:36 pm IST
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ENEOS Corporation (hereinafter, 'ENEOS'), and Marubeni Corporation (hereinafter, 'Marubeni') announce that ENEOS and Marubeni have signed a Memorandum of Understanding (MoU) for the introduction of an environmental-friendly ethylene carrier (vessel) for ethylene delivery.
ENEOS as a producer of ethylene, and Marubeni as a sales and logistics provider, have supplied ethylene to customers over a long time frame. The parties have jointly considered carbon neutralization in the ethylene supply chain in the MoU, and as a first step, ENEOS and Marubeni have decided to use a brand new environmentalfriendly ethylene carrier, which will be chartered by Marubeni over the long term, for ethylene delivery commencing in 2024.
The vessel will be the first ethylene carrier equipped with a dual fuel engine (liquified natural gas/very low sulfur fuel oil) built for ethylene export from Japan, which can reduce emissions of carbon dioxide by roughly 40% compared to conventional ethylene carriers. ENEOS and Marubeni intend to further develop carbon neutralization in the ethylene supply chain in order to meet customer needs for low carbon and decarbonization.
Marubeni Corporation is a diversified group organized primarily around 12 business segments:
- sale of agricultural products and related services (47% of net sales): sale of agricultural inputs (crop protection products, fertilizers, seeds, etc.), precision farming services, formulation of crop protection products, export of cereals and oilseeds, etc.;
- sale of food products (17.6%);
- production and distribution of oil, gas, alternative energy and electricity (10.4%);
- production of chemicals and petrochemicals (6.4%);
- production of metals and mineral resources (4.9%);
- sale and financing of industrial and construction machinery and equipment (4.6%). The group also develops car sales and tire distribution activities;
- sales of consumer electronics (4.3%). In addition, the group develops real estate development and management activities;
- sale of forest products (2.3%): wood chips and biomass fuel, pulp and waste paper, paper, paperboard, hygiene products, building & construction materials and wood products;
- sale of apparel, accessories, textile and lifestyle products (1.1%);
- management and operation of aircraft and ships (1%);
- development of energy production units and industrial installations (0.3%);
- finance and leasing (0.1%): auto finance, aircraft leasing, aircraft engine leasing, leasing and renting of refrigerated trailers, commercial vehicles and commercial freight railcars, etc.
Net sales are distributed geographically as follows: Japan (37.2%), the United States (42.5%)