Marubeni Corporation (Marubeni) announced on Jun 26 that it concluded a strategic partnership with SINOPEC Fuel Oil Sales Co., Ltd. (SINOPEC FUEL OIL), a marine fuel business under the China Petrochemical Corporation (Sinopec Group), a state-owned oil company in China.

Aiming to achieve net-zero emissions in the shipping industry, the two companies would provide not only conventional marine fuel oil but also alternative fuels such as biofuels, LNG bunkers, and methanol. Leveraging their respective strengths, they would plan to jointly develop supply chains for these alternative fuels. Looking beyond the Chinese market, the partnership also envisions future expansion into global markets, including Asia. The collaboration was expected to further strengthen their relationship and establish a new cooperative framework.

Marubeni and SINOPEC FUEL OIL have been collaborating in the marine fuel business since 2010. In 2019, they signed a memorandum of understanding (MoU) to further enhance cooperation in this field. Marubeni holds exclusive rights to sell SINOPEC FUEL OIL's products to Japanese shipowners' vessels calling at major Chinese ports, maintaining a top market share in the segment.