SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of liquefied natural gas (LNG) as a marine fuel, Tuesday 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.