Hong Kong’s Towngas and Singapore’s Global Energy to develop green methanol supply chain
The deal will combine Towngas’ strengths in green methanol production with Global Energy’s supply chain management
Hong Kong and China Gas (Towngas), the city’s sole gas provider, has teamed up with a Singapore marine fuel and logistics provider to develop a green methanol supply chain, the company’s latest initiative to meet the region’s energy transition needs.
Towngas signed a memorandum of understanding (MOU) with Global Energy Trading to develop green methanol supply chains across Asia, the Hong Kong-listed company said in a statement on Monday.
“This partnership represents a significant milestone in the green transition of maritime fuel supply,” it said. “By combining Towngas’ strengths in green methanol production with Global Energy’s supply chain management and market operation expertise, we are creating a robust platform to accelerate the shipping industry’s decarbonisation journey.”
Global Energy, the first company in Singapore to own and operate dedicated bunkering tankers for methanol, provided 4.7 million tonnes of marine fuel last year, according to Towngas.
Last year, Towngas signed a string of agreements to develop clean-burning fuels for the aviation and marine industries, which have pledged to reach net-zero carbon emissions by 2050.
Towngas has committed to achieving carbon neutrality through energy transition the through the use of low-carbon fuels, including green naphtha, green methane, green methanol and green hydrogen. It has a target to cut the carbon intensity of the gas it supplies by 36 per cent by 2035 from 2019 levels.
