Mitsui & Co., Ltd., Novatek Gas & Power, and Sumitomo Corporation support mission to accelerate adoption of LNG as a marine fuel
SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, today announced the addition of three new members to its coalition. Mitsui & Co., Ltd., NOVATEK Gas & Power, and Sumitomo Corporation join a growing list of global members working towards breaking down the commercial barriers to the adoption of LNG as a clean and economically viable alternative to traditional bunker fuels.
Welcoming the latest members, SEA\LNG chairman and executive vice president, Tote, Peter Keller, said: “We are pleased to welcome NOVATEK, Mitsui, and Sumitomo to our growing coalition. Each of the global organisations brings with them a wealth of knowledge and experience that will be invaluable to SEA\LNG as we work to realise our goal of making LNG an important maritime fuel. Our aim since inception was to form a coalition that unites key players from across the entire LNG value chain, and the addition of our three new members further strengthens our organisation.”
Mitsui & Co., Ltd. is a leading Japanese trading, investment, and service enterprise, serving several business areas including Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, IT & Communication, and Corporate Development. In the field of LNG, the company participates in the whole spectrum of the value chain. Mitsui has invested in 11 LNG projects, 8 of which are in production with efficient management and stable operation. The company has also been proactive in LNG bunkering, participating in an LNG bunkering pilot programme in Singapore and signing an MoU with Gazprom to cooperate in LNG bunkering studies.
Kenichiro Yamaguchi, General Manager of Gas Business Development Division at Mitsui & Co., Ltd., said: “Mitsui has an excellent track record in the field of LNG and is well positioned to affect change within the entire value chain. As the IMO’s global sulphur cap approaches in 2020, we continue to continuously advocate for cleaner energy, including the promotion of LNG as a marine fuel. We look forward to leveraging our company’s position to work with our fellow members towards promoting sustainable LNG bunkering operations.”
With over 20 years’ experience in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK is one of the largest independent natural gas producers in Russia. Today, the company’s upstream activities are concentrated in the Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area, accounting for approximately 80% of Russia’s natural gas production and circa 16% of the world’s gas production. Long-term, the company has ambitious growth plans to become the world’s biggest exporter of LNG within the next 10 years by tapping into Arctic gas.
The Chairman of NOVATEK’s Management Board Leonid Mikhelson noted: “The recent adoption of stricter emission standards for marine transportation by 2020 is consistent with our strategy for entering into new prospective LNG market segments including bunkering. Global environmental requirements create the basis for transiting the global fleet towards cleaner types of fuels. We are confident that more shipping companies will opt for LNG to meet these stricter requirements, and we are ready to facilitate the LNG bunkering market and infrastructure development.”
Sumitomo is one of Japan’s largest trading firms, with a strong heritage within the bunker trading business totalling approximately 65 years. The company has a strong presence on pipeline gas trading in the US, and has also been involved in an LNG liquefaction project in the US, called “Cove Point LNG Project”, as well as LNG trading and owning / operating of LNG carriers.
Mr. Shuichi Suzuki, Executive Officer and General Manager of Energy Division, Sumitomo Corporation, concluded: “We are proud to be joining a coalition whose vision for LNG as a marine fuel aligns well with our mission statement and our business philosophy which is outlined in our ‘Material Issues to Achieve Sustainable Growth with Society’ framework, especially “Achieving Harmony with the Global Environment”. We place strong emphasis on making an impact by leveraging our existing strengths, which is why we are excited to work in close partnership with other SEA\LNG members to continue to accelerate the widespread adoption of LNG as marine a fuel.”
This announcement continues the steady stream of new members to join SEA\LNG, following the recent addition of Yokohama-Kawasaki International Port Corporation (YKIP), Marubeni Corporation, Toyota Tsusho Petroleum, JAX LNG, and Petronet LNG. SEA\LNG now has 29 members and is a strong voice advocating for LNG as an important maritime fuel.
Notes to editors
SEA\LNG brings together key players from across the supply chain, including shipping companies, classification societies, ports, major LNG suppliers, downstream companies, infrastructure providers and OEMs (original equipment manufacturers) to address market barriers and transform the use of LNG as a marine fuel.
SEA\LNG is a not for profit collaborative industry foundation serving the needs of its member organisations. SEA\LNG’s members include: ABS, Bureau Veritas, Carnival Corporation & plc, Clean Marine Energy, DNV GL, Eagle LNG Partners, ENGIE, Gas Natural Fenosa, GE, GTT, JAX LNG, Keppel Gas Technology, Lloyd’s Register, Marubeni Corporation, Mitsubishi Corporation, Mitsui & Co., Ltd., Novatek Gas & Power, NYK Line, Petronet LNG, Port of Rotterdam, Qatargas, Shell, Sumitomo Corporation, Total, TOTE Inc., Toyota Tsusho, Yokohama-Kawasaki International Port Corporation (YKIP), and Wärtsilä.
SEA\LNG is guided by a board, which is led by Chairman Peter Keller. Each member organisation commits mutually agreed human resources, data analysis and knowledge sharing in support of SEA\LNG initiatives and activities and financially contributes via a membership fee. The SEA\LNG coalition was established in August of 2016.
About Sumitomo Corporation
Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 109 locations in 66 countries and 22 locations in Japan. The entire SC Group consists of more than 800 companies and nearly 70,000 personnel. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Environment and Infrastructure, Media, Network, Lifestyle Related Goods and Services, Mineral Resources, Energy, and Chemical and Electronics.
PAO NOVATEK is one of the largest independent natural gas producers in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 16% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».”
About Mitsui & Co., Ltd.
Mitsui & Co., Ltd. is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 139 offices in 66 countries as of July 1st, 2017. Utilizing our global operating locations, network and information resources, we are multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food, Food & Retail Management, Healthcare & Service, Consumer Business, IT & Communication Business, Corporate Development Business. Mitsui is actively taking on challenges for global business innovation around the world. For more information, visit //www.mitsui.com
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