Peninsula and Evos, an independent European liquid energy storage and chemicals company, have signed a Memorandum of Understanding (MOU) to jointly drive the development of specific infrastructure for biofuel storage at the Evos terminal in the Port of Algeciras.
Evos’ expansion proposal includes plans to develop storage capacity of up to 60,000 cubic meters, which will be allocated entirely to Peninsula to support the expansion of its biofuel supply chain in the region.
Located at the Strait of Gibraltar, one of the busiest maritime corridors in the world, the Evos Algeciras expansion project aims to strengthen infrastructure for the energy transition in shipping.
John A. Bassadone, founder and CEO of Peninsula, commented that “we are seeing an acceleration in the adoption of biofuels as a result of volatility in conventional fuel prices and regulatory measures such as FuelEU and EU ETS. These regulations are designed to intensify, and biofuels are the most versatile and currently available option to meet decarbonization targets. By partnering with Evos to build storage infrastructure, we can control product quality and blend biofuel ratios according to market demand. It will also offer our customers total flexibility and options when purchasing bioproducts and further demonstrates Peninsula’s active commitment to the decarbonization of marine fuels.”
Daan Vos, CEO of Evos, added that “Algeciras is already a major bunkering and trading hub, with direct relevance to global shipping activity and intermediate Mediterranean trade flows. Evos holds a strong position in the port as a fuel storage terminal, and the expansion project with a strategic partner such as Peninsula further strengthens that position. By developing infrastructure for marine biofuels, we can respond to changing demand in the fuel market and strengthen Algeciras’ role in the transition toward low-carbon shipping.”
Under the memorandum of understanding, the parties will continue technical and commercial discussions on a long-term storage and handling agreement, subject to Evos’ final investment decision.
Evos will lead the project development at its Algeciras terminal, including engineering, permitting and construction, while Peninsula will integrate the capacity into its growing global biofuel supply network.
