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BP AND NYK LINE JOIN IN DECARBONISATION INITIATIVE

BP AND NYK LINE JOIN IN DECARBONISATION INITIATIVE

Thursday, September 16, 2021 

BP and NYK Line have signed a memorandum of understanding to collaborate on future fuels and transportation solutions to help hard-to-abate sectors, including shipping, to decarbonise.

For shipping, the companies will collaborate and identify opportunities to help transition from current marine fuels to alternatives such as LNG, biofuels, and methanol, and to develop future fuels such as ammonia and hydrogen. Getting this journey right will be critical to enabling the shipping industry to meet its long-term decarbonisation ambitions.

Shipping is core to global trading activities. For the world to decarbonise, shipping must decarbonise, and as one of the largest shipping and logistics companies, NYK Line is seeking to lead decarbonisation efforts in the industry through collaboration with BP.

BP is focusing on working with corporates in key industrial sectors that have significant carbon emissions to manage, to help them to decarbonise. The company’s ambition is to be a net zero company by 2050 or sooner, and to help get to net zero.

William Lin, EVP regions, cities and solutions, BP, said: “BP and NYK Line have a combined experience of almost 250 years working in the shipping sector, strong existing relationships and a shared understanding of the need for the marine industry to decarbonise. By bringing together our technical expertise, understanding of the supply chain, and insights from our customers, I am confident that together we can do more to drive change at pace in hard-to-abate sectors.”

Akira Kono, Senior Managing Executive Officer and CEO Energy Division, NYK Line, said: “We are very pleased to enter into a strategic partnership with BP. We look forward to developing even more valuable solutions in the field of decarbonisation. By combining BP's technological expertise and worldwide network in integrated energy with NYK Line’s expertise and technology as one of the world’s largest shipping and logistics companies, we hope to become a leader in the decarbonisation of the shipping industry.”

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