TOKYO, March 12, 2021 -- Ube Industries, Ltd. (hereafter "Ube Industries;" President: Masato Izumihara) announced today that it had agreed to jointly develop the supply of ammonia marine fuel and build fueling stations in Japan under a consortium of companies. The consortium members are Itochu Corporation (President and COO: Yoshihisa Suzuki), Itochu Enex Co., Ltd. (President: Kenji Okada), Ube Industries, and Uyeno Transtech Co., Ltd. (Chairman and CEO: Takashi Uyeno).

Amid a worldwide trend toward decarbonization, the International Maritime Organization (IMO) in 2018 adopted strategies to reduce greenhouse gas (GHG) emissions in the marine transport sector. The industry body outlined a goal to achieve a 40% reduction in carbon dioxide (CO₂) emissions per transport work by 2030 compared with the 2008 level, and achieve a 50% reduction in total GHG emissions by 2050 compared with the 2008 level. Furthermore, IMO will aim to completely phase out GHG emissions as soon as possible within this century. Efforts to achieve these goals are anticipated to spur the rapid development of marine vessels that aim for zero emissions, with ammonia being looked at from various aspects as a possible alternative fuel. The development of marine vessels that primarily use ammonia fuel cannot be realized without a stable supply of ammonia marine fuel and the construction of fueling stations. As part of the consortium, Ube Industries will be responsible for leveraging its expertise as the largest producer of ammonia in Japan to study the supply of ammonia marine fuel and the construction of necessary onshore fueling stations.

The UBE Group is aiming to achieve an 80% reduction of (GHG) emissions by 2050, as part of its mandate to engage vin corporate activities that are in harmony with nature, as outlined in the UBE Group Environmental Vision 2050. Furthermore, the UBE Group is addressing and helping to resolve resource, energy, and global environmental issues, as one of its basic strategies under the Vision UBE 2025--Prime Phase medium-term management plan. This is being achieved through initiatives to further reduce GHG emissions and develop and increase adoption of new technologies and products that help reduce environmental impact.