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."
Under the memorandum, both companies will continue technical and commercial discussions with a view to reaching a long-term agreement for the storage and management of products, subject to the final investment decision by Evos. The distribution of functions is defined from the outset: Evos will lead the project development at its terminal in Algeciras, including engineering tasks, permitting processes, and construction, while Peninsula will integrate this new capacity into its growing global biofuel supply network.
For his part, Daan Vos, CEO of Evos, stated: "Algeciras is already an important center for fuel supply to ships and hydrocarbon trade, with direct relevance to international maritime transport and Mediterranean trade flows. Evos has a strong and established position in the port as a storage terminal for fuels intended for supply to ships, and this expansion project, alongside a strategic partner like Peninsula, strengthens that position. By developing infrastructure for marine biofuels we will be able to adapt to the evolution of market demand for fuel supply to ships and strengthen Algeciras' position as a strategic enclave in the transition to more sustainable maritime transport with a lower carbon footprint."
Both companies present the agreement as a reflection of a shared vision to accompany the evolution of the marine energy sector through investments in scalable infrastructure, prepared to respond to future market needs in strategically significant locations worldwide.