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The parties will work on using ammonia as a fuel source.

By Shardul Sharma

The Japan Bank for International Cooperation (JBIC) on June 15 signed a memorandum of understanding (MoU) with Norway’s Yara International to work on using ammonia as a fuel source.

Yara, which is one of the world's largest ammonia manufacturers, aims to develop the international supply chain of ammonia as a fuel source to realise a decarbonised society and deepen collaboration with Japanese companies that share this objective to promote the structuring of projects, JBIC said in a statement.

Also, in its fourth medium-term business plan, released in June last year, JBIC aims to respond to energy transformation toward the realisation of a decarbonised society.

“With this MoU on strategic cooperation between JBIC and Yara, under which the framework for collaboration between the two organisations is to be developed, JBIC aims to accelerate the structuring of projects for developing the supply chain of ammonia as a fuel source,” the company said.

JBIC said it will continue to contribute toward creating business opportunities for Japanese companies and securing a stable supply of resources for Japan through strengthening the cooperation with important partners in the decarbonisation sector.