ITOCHU, HIF, JFE Steel, and MOL Sign MoU

Source: www.gulfoilandgas.com 2/27/2024, Location: Asia

ITOCHU Corporation (ITOCHU; President & COO: Keita Ishii; Head Office: Minato-ku, Tokyo), HIF Asia Pacific Pty Ltd , a wholly owned subsidiary of HIF Global (HIF; President & CEO: Cesar Norton; Head Office: Houston, Texas), JFE Steel Corporation (JFE Steel; President & CEO: Yoshihisa Kitano; Head Office: Chiyoda-ku, Tokyo), and Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto, Head Office: Minato-ku, Tokyo) today announced an agreement to jointly conduct a wide-ranging feasibility study covering on (1) carbon dioxide (CO2) capture in Japan, (2) shipping the CO2 to Australia, (3) production and storage of synthetic fuel (e-fuel) derived from the CO2 in Australia, and (4) establishment of a comprehensive supply chain, including export of e-fuel from Australia.

The term “e-fuel” refers to liquid fuel produced by synthesizing hydrogen produced from renewable energy sources and CO2. The CO2 feedstock will be CO2 emitted from industries that will have difficulty achieving decarbonization through electrification, hydrogenation, and other means alone. A benefit of e-fuel is that it can use current infrastructure such as vessels, lorries, storage tanks, and fueling stations for transport and storage. In addition, e-fuel itself can be used to power automobiles, aircraft, and vessels without the need to modify or replace current equipment, so its use is expected to be an early decarbonization measure.

Leveraging their networks in Japan and overseas and the knowledge they have cultivated through business in Australia, ITOCHU, HIF, JFE Steel, and MOL aim to establish an e-fuel supply chain, starting with a study of its use at JFE Steel, with an eye toward a decarbonized society.

ITOCHU included contributing to the SDGs and strengthening SDG initiatives in the Basic Policies in its medium-term management plan. Through this project, ITOCHU will contribute to the realization of a decarbonized society by building an e-fuel supply chain.


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