Companies sign agreement to develop green-shipping corridor connecting Portugal to Northern Europe

Mitsui O.S.K. Lines Ltd. announced Jan. 9 the signing of a memorandum of understanding (MOU) to develop a green corridor connecting Portugal to Northern Europe with Madoqua Renewables Holding Lda and other global leaders.

Madoqua is a Dutch-Portuguese renewable energy and infrastructure developer and will be the project coordinator, focused on driving collaboration across the entire value chain.

The company is developing large-scale green hydrogen projects in Portugal to produce green ammonia and eMethanol, as well as the Madoqua Green Fuels Terminal.

The facility will store, handle and bunker alternative fuels in the port of Sines, with open access and electrified using renewable energy.

MOL said the agreement reinforces its leadership in sustainable shipping innovation.

This green-corridor project aims to establish a shipping route where low-emission shipping solutions are utilized and low-carbon fuels are transported.

Global industry leaders from Europe, Asia and North America have come together to support the development of this green corridor.

The collaboration includes diverse sections of the energy-transition value chain, including financial partners, terminal operators, academic and policy institutions, industrial corporates committed to decarbonization, green-fuel producers and alternative-fuel offtakers.

As a shipping-logistics partner, MOL will play a key role in enabling the transportation of green fuels and CO2 while promoting the use of zero-emission ships to decarbonize the maritime-transport sector.

In collaboration with other stakeholders, MOL will provide strategic insights into logistical and operational requirements for green fuels, helping shape the future of green corridors.

MOL said this initiative is part of its philosophy to “build business models that enable net zero emissions," one of the actions set forth in the group’s environmental vision and aligns with its goal of achieving net-zero greenhouse-gas emissions by 2050.

The value-chain collaboration follows important agreements reached in November to develop this green corridor signed between Germany’s North Rhine-Westphalia and Portuguese governments, and between Madoqua and the ports of Sines, Rotterdam and Duisburg.

This MOU also reinforces stakeholder commitment to advancing the EU’s climate goals and the global green fuels industry, MOL stated.