GoodFuels and ITOCHU team up to scale marine biofuel in Asia

In Singapore, GoodFuels and ITOCHU Corporation announced a new partnership agreement to scale sustainable marine biofuel in Singapore, Japan, and Asia-Pacific.

The long-term partnership, which was signed on 12 May 2022, will combine GoodFuels’ deep expertise in sustainable biofuels, extensive client and sourcing portfolio, and strong sustainable impact brand with ITOCHU’s mature trading and supply operations and developed client base. 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 harbors, 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.