Overall, the working group aims to reduce carbon dioxide (CO2) emissions in the shipping industry, that will be achieved by using synthetic methane as an alternative fossil fuel, the current usual fuel for merchant vessels.

MOL says that the new working group will seek to establish synthetic methane, also known as methanation fuel, as a bunker fuel, and it intends to work with other industries, companies and government agencies to study and promote the fuel. Synthetic methane is generated by methanation technology that combines CO2 with renewable energy-derived hydrogen.

According to MOL, European countries, Japanese power and gas countries are today focusing on methanation fuel, a technology that is possible to lead to zero emissions.

MOL aims to introduce methanation fuel for ships and establish a supply chain by launching the working group, and will engage in study and promotion of the fuel in cooperation with other industries, other companies, and government agencies.