Peninsula and Evos have signed a memorandum of understanding to develop biofuel storage infrastructure at Evos’ terminal in the Port of Algeciras, located on the Strait of Gibraltar.
The Evos Algeciras expansion project will include the development of up to 60,000 m3 of storage capacity for Peninsula, and provide dedicated storage and handling capacity for low-carbon marine fuels. Evos will lead project development, including engineering, permitting and construction; Peninsula will then integrate the storage into its biofuels supply network.
Daan Vos, CEO at Evos, comments: ‘Algeciras is already an important bunker and trading hub, with direct relevance to global shipping activity and inter-Mediterranean trade flows. Evos has a well-established position in the port as a bunker fuel storage terminal, and the expansion project with a strategic partner such as Peninsula builds on that position. By developing infrastructure for marine biofuels, we can respond to changing demand in the bunker market and strengthen Algeciras’ role in the transition to lower-carbon shipping.’
John A Bassadone, founder and CEO of Peninsula, says: ‘We are seeing an acceleration of biofuel adoption as a result of price volatility of conventional fuels and regulatory measures such as FuelEU and EU ETS. These regulations are designed to ratchet up, and biofuels are the most versatile, available option today to meet decarbonisation targets. By partnering with Evos to build storage infrastructure, it allows us to control the quality of product and to blend biofuel ratios according to market demand. It will also offer our customers full flexibility and optionality when lifting bio products from us and further demonstrates Peninsula’s active commitment to the decarbonisation of marine fuels.’
