GoodFuels and Japan’s ITOCHU Corporation announced a new partnership agreement to scale sustainable marine biofuel in Singapore, Japan, and Asia-Pacific.
ITOCHU is actively engaged in the wholesale, distribution, and bunkering of petroleum products in both Singapore and Japan, while GoodFuels specialises in the sourcing, development, production, and delivery of sustainable marine biofuels, with a presence in the Netherlands and Singapore. This new strategic partnership will enable the two companies to build the market and develop the supply chain necessary for the wider adoption of marine biofuel.
Under the partnership, GoodFuels will be mainly responsible for sourcing, production, technical expertise and brand marketing whilst ITOCHU will be responsible for logistics, blending and distribution. Both parties will share responsibilities in sales and marketing and work jointly towards scaling capabilities in production and sourcing.
GoodFuels and ITOCHU will initially focus on the supply of sustainable marine biofuels to all Singaporean territorial waters, waterways, and harbours, as well as prospective customers transiting the Strait of Malacca. Then, in the second phase of the partnership, the companies plan to scale up deliveries to the wider Asia-Pacific region, including Japan.
We will steadily respond to the changing environment from a customer-oriented perspective by working with GoodFuels to build an integrated supply chain for sustainable marine biofuels.”, commented Ted Tanaka, Managing Director, ITOCHU Petroleum Singapore.
