Kyushu Electric Power Co., Inc., NYK Line, ITOCHU ENEX CO., LTD., and SAIBU GAS CO., LTD.(hereinafter “the parties”) have established a joint venture company, KEYS Bunkering West Japan Co., Ltd. (“KEYS”), in February this year and have performed considerations with the goal of beginning the operation of the liquefied natural gas (“LNG”) fuel supply business for ships in Japan’s Kyushu and Setouchi regions in the spring of 2024.1
The parties announced the conclusion of a shipbuilding contract for one private vessel for the supply of LNG fuel to ships (hereinafter “LNG bunkering vessel”) between KEYS and Mitsubishi Shipbuilding Co., Ltd.2 The construction of the LNG bunkering vessel is planned to be completed in March 2024, and the vessel will become the first LNG bunkering vessel operated in West Japan.
For starting the LNG fuel supply business, the parties also applied, in January 2022, for support from the subsidy program for the development of LNG bunkering bases, the Ports and Harbours Bureau, Ministry of Land, Infrastructure, Transport and Tourism (hereinafter “MLIT”) assistance project that supports the establishment of LNG fuel supply facilities. The support for this LNG fuel supply business was approved on March 4, 2022.3 With the support of the MLIT, KEYS will own and manage LNG bunkering vessels and implement the LNG fuel supply business.
Through this business, which handles environment-friendly LNG fuel, the parties and KEYS will contribute to the reduction of greenhouse gas emissions with the goal of realizing a carbon-neutral society.
Outline of the joint venture
- Corporate name: KEYS Bunkering West Japan Co., Ltd.
KEYS is an acronym for Kyushu, Enex, Yusen, and Saibu.
- Head office address: Kitakyushu-shi, Fukuoka, Japan
- Representative: Takashi Mitsuyoshi
- Details of business: sales of LNG fuels ship-owning of LNG bunkering vessel
Kyushu Electric Power Co., Inc. 40%
NYK Line 40%
ITOCHU ENEX CO., LTD. 15%
SAIBU GAS CO., LTD. 5%
- Established: February 2, 2022