Image of NYK Line’s LNG Dual Fuel Pure Car and Truck Carrier
bp and NYK Line have signed a memorandum of understanding to collaborate on future fuels and transportation solutions to help industrial sectors, including shipping, to decarbonize.
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 decarbonization 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 decarbonize.
Shipping is core to global trading activities. For the world to decarbonize, shipping must decarbonize and, as one of the world’s largest shipping and logistics companies, NYK Line is seeking to lead decarbonization efforts in the industry through collaboration with bp.
bp is focusing on working with corporates in key industrial sectors that have significant carbon emissions to manage, to help them to decarbonize. The company’s ambition is to be a net zero company by 2050 or sooner, and to help the world to get to net zero.
William Lin, EVP regions, cities & solutions, bp, said: “bp and NYK Line have a combined experience of almost 250 years working in the shipping sector, strong existing relationships and a shared understanding of the need for the marine industry to decarbonize. 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.”
Akira Kono, senior managing executive officer-chief executive of energy division, NYK Line, said: “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. By combining bp's technological expertise and worldwide network in integrated energy with NYK Line’s expertise and technology as one of the world’s largest shipping and logistics companies, we hope to become a leader in the decarbonization of the shipping industry.”
bp’s purpose is to reimagine energy for people and our planet. It has set out an ambition to be a net zero company by 2050, or sooner and help the world get to net zero, and a strategy for delivering on that ambition. Partnering with countries, cities and corporations to provide innovative energy, mobility and decarbonization solutions as they shape their paths to net zero is a core part of this strategy. bp is also a major global marine fuel and lubricants supplier. For more information visit bp.com.
NYK Line was founded in 1885 and is one of the world’s leading transportation companies. At the end of March 2021, the NYK Group was operating 826 major ocean vessels, as well as fleets of planes and trucks. The NYK Group is based in Tokyo, employs about 35,000 people worldwide, and has regional headquarters in London, New York / New Jersey, Singapore, and Shanghai. On February 3, 2021, NYK Line released the NYK Group ESG Story, which aims to further integrate ESG into the company’s management strategy. In order to continue to be a corporate group that remains essential to society and industry, the NYK Group aims to be a sustainable solution provider that creates new value while maximizing profits and achieving social and environmental sustainability from a long-term perspective.
bp press office, London: +44 7831 095541 / +44 7919 217511, firstname.lastname@example.org
NYK Line, corporate communication group, media relations team: +81-3-3284-5177, NYKJP.ML.MEDIA@nykgroup.com
In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA'), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under "Risk factors" and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.