GoodFuels and ITOCHU agree on Asia-Pacific biofuel plan

ITOCHU is actively engaged in the wholesale, distribution, and bunkering of petroleum products in both Singapore and Japan, while GoodFuels specialises in the sourcing, development, production, and delivery of sustainable marine biofuels, with a presence in the Netherlands and Singapore.

Under the partnership, GoodFuels will be mainly responsible for sourcing, production, technical expertise, and brand marketing whilst ITOCHU will be responsible for logistics, blending, and distribution. Both parties will share responsibilities in sales and marketing and work jointly towards scaling capabilities in production and sourcing.

GoodFuels and ITOCHU will initially focus on the supply of sustainable marine biofuels to all Singaporean territorial waters, waterways, and harbours, as well as prospective customers transiting the Strait of Malacca. Then, in the second phase of the partnership, the companies plan to scale up deliveries to the wider Asia-Pacific region, including Japan.

GoodFuels’ sustainable marine biofuels deliver an 80-90% well-to-exhaust reduction of CO2 emissions for oceangoing vessels. They require no technical changes to the tanks or engines and are produced from independently certified renewable feedstocks that cannot be used for any higher quality application or recycling.

GoodFuels announced the opening of a first office in Singapore in February 2022.