The Chinese company Zhejiang Energy Group, together with its subsidiary Zhejiang Energy Marine Environmental Technology Co. (ZEME), has announced the construction of a plant for the production of up to 10,000 tons per year of synthetic methanol as marine fuel. This project has a budget of 60 million dollars and is scheduled to commence construction this August, with completion expected by June 2024.
Furthermore, ZEME is currently conducting a feasibility study for the possibility of launching another ‘green’ methanol plant with an annual production capacity of up to 500,000 tons. If approved, construction for this project would begin in the second half of next year, and production would start from the second half of 2025.
According to statements from Environmental Marine Technology, “prior to the project’s commencement, we have already received a letter of intent for purchasing this fuel from well-established shipping companies operating container ships, tankers, and bulk carriers.” Additionally, ongoing negotiations are in progress with other shipping companies to secure pre-purchase agreements for ‘green’ methanol.