OCI zegt:
Clean Fuels
As our fuels business has large-scale potential for maritime and road transport in the future, we have established a new Clean Fuels business unit, adding low carbon products including ammonia to our current and fast-growing biofuels offering of products such as bio-methanol and bio-MTBE.
The use of ammonia or methanol as a shipping fuel is particularly promising as these products are among the best-placed alternatives to help this sector decarbonize and reach IMO targets in a cost-effective way, and the shipping industry is accelerating the safe introduction of ammonia as a marine fuel.
Since our March update, several new announcements and studies have been published in the shipping sector, including endorsement by ship owners, engine manufacturers and ports of the use of ammonia and methanol as the marine fuel of the future.
Wärtsilä, alongside MAN Energy Solutions one of the leading global shipping engine manufacturers, underscored that ammonia and methanol are a more credible fuel than hydrogen;
and Maersk announced the launch of the world’s first liner vessel to operate on carbon-neutral methanol in 2023, seven years ahead of the initial 2030 ambition.
ESG Strategy
Ammonia and methanol have emerged as the most promising products to drive the hydrogen economy and enable the energy transition, and are key products to create carbon-free food, fuels and industrial feedstocks, which we have taken into account in our strategic review of the methanol business.
The recent acceleration of decarbonization targets by the US and other countries is expected to result in major demand growth for cleaner fuels in particular, which would also benefit methanol as an established fuel.
Given potential synergies with ammonia and our leading positions in methanol and bio-methanol, we have taken the decision that any potential strategic action for the methanol business will be in the form of a partnership rather than a full divestment.