VEB.RF, VTB, ESN, Ministry for Development of Russian Far East, Marubeni Corporation and Mitsui O.S.K. Lines to Launch Methanol-Fuelled Vessel Project
VEB.RF, VTB, ESN, Ministry for Development of the Russian Far East, Marubeni Corporation and Mitsui O.S.K. Lines are developing a project for the construction of methanol-fuelled vessels by Russian shipbuilders. The use of methanol as marine fuel is a new global trend, with the potential volume of the new market estimated at tens of billions of US dollars. Russia has full potential to enter the new market and offer its advanced solutions.
The parties signed a memorandum of understanding during the Eastern Economic Forum. The ceremony was attended by Russian President Vladimir Putin.
The agreement was signed by Minister for Development of the Far East and Arctic Region Alexei Chekunkov, VEB.RF Chairman Igor Shuvalov, VTB Bank Deputy President and Chairman of the Management Board Anatoly Pechatnikov, CEO of ESN Group Grigory Berezkin, Executive Vice President and Member of the Board of Marubeni Corporation Akira Terakawa, and Chief Managing Executive Director and Director General of Energy and Offshore Business Unit of Mitsui O.S.K. Lines Kenta Matsuzaka.
An international consortium comprising Russian banks, a methanol manufacturer (ESN Group) and major Japanese companies is analysing the proposed technological solutions, evaluating the financing needs and developing a road map to prepare the project launch under a tight deadline.
Among the next-generation environmentally friendly types of marine fuel (such as hydrogen, LNG or ammonia), methanol provides for much lower expenditures to create the bunkering infrastructure.
Russia is actively involved in developing the Northern Sea Route. The ESN Group’s terminal in Skovorodino that is geographically close to the Northern Sea Route could potentially become the principal provider of methanol for vessels sailing from Asia to Europe through the Arctic Ocean.
VEB.RF’s Chairman Igor Shuvalov:
“Russia is the leading producer of natural gas. VEB.RF as a development institution provides comprehensive support for domestic high value-added gas-to-chemicals production. Gas processing projects financed by VEB.RF will help to achieve a more than 1.5-fold increase in the methanol output by 2030. Russia has full potential to enter the new niche and become a leader in the global marine fuel market.
VTB Bank's Deputy President and Chairman of the Management Board Anatoly Pechatnikov:
“VTB is actively pursuing the ESG agenda. We are involved in various projects, from green mortgages to financing high-technology industries. Russian business is ready to participate in unique projects aimed to drastically reduce greenhouse gas emissions. The Far East is rich in natural resources and has facilities for high value-added processing of gas, with a number of gas processing projects under consideration. This affords huge investment potential to introduce breakthrough technology. Creation of methanol fleet will help to attract highly skilled workers, create new jobs in the region and increase Russia’s export potential.”
CEO of ESN Group Grigory Berezkin:
“Environmental agenda has penetrated deep in our life, and it definitely affects major industrial projects. The major global vessel operators are planning to reject unsustainable oil fuel and use environmentally friendlier gas fuel. This provides us with new opportunities, and we are pleased that our long-term partnership with Marubeni Corporation in implementing a gas-to-chemicals project in the Amur Region will be further strengthened by joint elaboration of large-scale environmentally friendly business. Our consortium comprising the leading Russian banks, the Ministry for Development of the Russian Far East and our Japanese partners Marubeni Corporation and Mitsui O.S.K. Lines is a unique team in terms of its competencies that undoubtedly could offer the most advanced solutions.”
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