Peninsula, a global leader in maritime energy with a hybrid supply model, and Evos, an independent European company specialized in the storage of liquid energy and chemical products, have signed a Memorandum of Understanding (MOU for its acronym in English) to jointly develop a specific biofuel storage infrastructure at the terminal that Evos operates at the Port of Algeciras.
The expansion proposed by Evos contemplates the development of up to 60,000 cubic meters of storage capacity, which will be entirely dedicated to Peninsula to support the expansion of its biofuel supply chain in the region.
The project is proposed in the Strait of Gibraltar, one of the busiest maritime corridors in the world, and aims to provide the enclave with the necessary infrastructure to support the energy transition of the maritime sector. The installation will have dedicated capacity for the storage and management of low-carbon marine fuels, which will also allow Peninsula to control its own supply chain, a central element of its value proposition.
John A. Bassadone, founder and CEO of Peninsula, stated: "We are witnessing an acceleration in the adoption of biofuels due to the volatility of conventional fuel prices and regulatory measures such as FuelEU and the European emissions trading system (EU ETS). These regulations are expected to tighten progressively, and biofuels currently represent the most versatile and available option to meet decarbonization objectives. Our collaboration with Evos to develop this storage infrastructure will allow us to control product quality and adjust biofuel blends according to market demand. Additionally, it will offer our customers complete flexibility and choice in the supply of bio products, once again demonstrating Peninsula's firm commitment to the decarbonization of marine fuels."
