Gibraltar-based Península Petroleum, established in the Canary Islands, has announced the creation of I&P Marine Ammonia Ltd. (IPMA), a joint venture with the Japanese conglomerate ITOCHU Corporation. In the islands, ITOCHU is known for its 34% stake in Canaragua, which it held until 2021, and for helping to accelerate the development of ammonia marine fuel supply in major European ports. In theory, Canary ports such as Santa Cruz de Tenerife are on the supply agenda.
Initial focus on key European hubs
IPMA will promote the supply of ammonia as a new-generation marine fuel with zero carbon emissions, focusing initially on major strategic centers in Europe, including Las Palmas and Santa Cruz de Tenerife. The company said these locations represent critical areas for global maritime logistics, and will play a particularly important role in the case of Tenerife because it has the capacity to supply gas ‘from grigo’ and not in tanks, helping to enable large-scale adoption of alternative fuels.
Memorandum signed in September 2023
This joint venture follows the signing of a Memorandum of Understanding (MoU) between Peninsula and ITOCHU in September 2023 for the joint development of ammonia infrastructure and fuel supply chains. Peninsula stated that the initiative represents a natural progression in the company’s strategy to provide customers with practical and scalable decarbonisation pathways.
Peninsula’s bunkering experience meets ITOCHU’s ammonia focus
The alliance combines Peninsula’s experience in supplying fuel for vessels in the Canary Islands, part of the company’s global supply network covering more than 500 ports across all major fuel supply hubs, with ITOCHU’s integrated focus on ammonia for fuel production and supply-chain development.
Both companies will combine their strengths to develop a robust framework, infrastructure, and ammonia supply system, along with the customer service expertise needed to supply ammonia as a ship fuel reliably and at scale. With an initial focus on Europe, IPMA will accelerate the emergence of an operational ammonia supply chain for marine fuel, complementing and reinforcing the sector’s broader initiatives already under way across the region.
The entry Peninsula Petroleum and Itochu, former Canaragua shareholder, to launch ammonia ship bunkering in the Canary Islands was first published on canarymaritime.com.
