Tokyo - Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and Chevron Singapore PTE. LTD. has announced that the two companies have signed a memorandum of understanding (MoU) for a strategic alliance aimed at lowering the carbon intensity of the marine energy industry.

As part of this agreement, the companies will conduct joint research on next-generation fuels in various regions around the world and jointly study safety measures and legislation for lower-carbon efforts in the marine energy industry. They will seek to collaborate on a variety of potential business opportunities that lead to a lower-carbon future.

"Through collaborations such as these, Chevron aims to lead in lower carbon intensity oil, products and natural gas and at the same time advance new products and solutions that reduce the carbon intensity of major industries," said Mark Ross, president of Chevron Shipping Company. "This is another way Chevron is working to advance energy progress."

MOL Senior Managing Executive Officer Nobuo Shiotsu said, "MOL is honored to have the opportunity to jointly study GHG emission reductions through this MoU with Chevron. First, we will study and implement all possible means, including the use of next-generation fuels and the introduction of new decarbonization technologies such as wind power and electricity, in tankers that have been chartered for a long period of time. We would then like to expand these efforts to other parts of our business."