DUBAI: Dubai Maritime City (DMC) has signed a Memorandum of Understanding (MoU) with leading international energy services provider, Shell, to explore the diverse business options related to promoting alternative sources of energy such as Liquefied Natural Gas (LNG).
The primary focus would be on exploring opportunities that would enable the adoption of LNG as a fuel in markets including marine transportation, road transportation, power and industries in the UAE and the wider Middle East, North Africa and South Asia (MENASA) region, the DMC said in a press release issued here Tuesday and relayed by WAM news agency.
The team from Shell met Khamis Juma Buamim, Chairman, Drydocks World and Maritime World, and discussed the possibility of future business opportunities as well as the ongoing cooperation between the two companies, including the building of the world's largest Turret Mooring system for the floating LNG facility at DDW's Dubai facility.
"We are privileged to have reached this understanding with Shell in an area of mutual and topical interest of developing sustainable and environment friendly sources of energy in the maritime sector.
This is part of our Dubai Maritime Green Initiative, which seeks to develop and propagate viable and environment-friendly alternatives especially in the field of renewable energy and alternative fuels for improved fuel efficiency," said Khamis Juma Buamim.
The first step of such cooperation is to form a Joint Working Committee on the terms and conditions set out in the MoU to discuss and agree on detailed work plans to mature the business opportunity with a view to concluding a Joint Development Agreement.
Both DMC and Shell will jointly investigate and develop the business opportunity. (QNA)