Japan's IHI Corporation and Dutch engineering company Royal Vopak have entered into a joint development agreement under which IHI and Vopak plan to establish a new joint venture.
Vopak said the two companies plan to participate in projects for the development and operation of an ammonia terminal in Japan, with an aim to start operations in Japanese fiscal year 2030.
The ammonia terminal development aims to facilitate the receiving and storing of imported ammonia within Japan and to facilitate the establishment of a system for stable supply of such ammonia in the country.
Vopak said ammonia is anticipated to contribute to Japan's decarbonisation goals through its increased use as fuel and raw material in power generation and various industrial uses.
Vopak said the collaboration will focus on developing a broader ammonia supply chain in Japan, with the goal of promoting the various uses of ammonia. Also, IHI and Vopak aim to establish an ammonia distribution system by utilising an ammonia terminal with a hub function for marine transportation.
In November 2023, IHI and Vopak signed a memorandum of understanding to jointly explore the development and operation of ammonia terminals in Japan.