Wedoany.com Report-Oct. 25, A memorandum of understanding (MoU) has been signed between Germany's ElbOil and Chinese companies Shandong Shunli Hydrogen Energy Technology and Shanghai Wenji Biotechnology. The agreement aims to support the future production and distribution of green methanol.

The initiative is scheduled to commence in early 2027. It has a projected annual delivery capacity of up to one million metric tons of renewable methanol. This supply is intended to contribute to the decarbonization of the global shipping industry.

ElbOil stated: “This MOU marks more than a commercial agreement: it’s a shared commitment to drive innovation, sustainability, and long-term impact in the maritime energy sector. We’re also planning a site visit in early 2026, and will continue to support the transition to cleaner marine fuels through strategic partnerships and responsible trading.”

The project will utilize technology from Iceland-based Carbon Recycling International. This technology is designed for the conversion of CO2 into low-carbon methanol. The project is reported to align with the types of initiatives ElbOil supports.

In related developments, Norwegian energy company Equinor and NG Nordic-owned Mana have formed a preliminary partnership. They will explore the potential for the Nordics' first large-scale waste-to-methanol project at the Mongstad complex. The initiative will be supported by sustainable technology solutions provider NEXTCHEM.

Additionally, The Hong Kong and China Gas Company, known as Towngas, has signed a new agreement. The company will work on developing comprehensive green methanol supply and distribution networks.