BP company announced that it has signed a memorandum of understanding (MoU) with NYK Line to collaborate on solutions to help decarbonize industrial sectors including shipping, a press release issued by the company stated.

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.

For other hard-to-abate industrial sectors, the two companies will also consider potential marine transportation and other solutions for carbon dioxide, and explore participation in the supply chains for ammonia and hydrogen to be used in heavy industry and power generation, to help those sectors to decarbonise.

In this regard, William Lin, EVP regions, cities and solutions, bp:  said “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”.

For his part, Akira Kono, senior managing executive officer-chief executive of energy division, NYK Line commented: “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 decarbonization.”