Japanese Astomos Energy Corporation and Kuwait Petroleum Corporation (KPC) have agreed to conclude a Memorandum of Understanding (MOU) for further study in LPG bunkering.
LPG bunkering concept was shaped as one of the solutions for the approaching SOx regulation for shipping fuels in 2020 set by the International Maritime Organization.
This MOU was settled to enhance further cooperation for Astomos and KPC to share and research information for further collaboration in the fields of consideration of LPG fueled vessels, organizing global supply sites and many other fields relating to LPG bunkering.
Astomos sees major opportunities in the LPG market, as it expects that the trade volume of LPG will increase up to 100million MT by around 2020, as Chief Operating Officer Kaname Ochima was quoted as saying.
For the past years, KPC and Astomos have been forming respectable business partnership in the fields of LPG supply and import. This MOU made stronger partnership for two companies and will contribute to expansion of new business fields, Astomos said.
In the same context, in late October, Astomos also signed with Elgas Limited to enhance cooperation across all aspects of LPG bunkering within the Asia Pacific and in July, the company expanded its LPG business partnership with Norwegian giant Statoil.