Nippon Yusen announced on October 29 that it had signed a Memorandum of Understanding (MOU) with Port of Duqm Company (PODC) on October 27 regarding the development of Duqm Port in Oman and strengthening cooperation.
<Photo of the MOU signing ceremony: From left, Yuji Otsuka, Group Leader, Bulk Energy Division, Nippon Yusen; Reggy Vermeulen, CEO, PODC>
The company considers the Middle East to be one of its key regions, and on April 1, 2022, it established a "Middle East Regional Representative" (Dubai) to deepen its Middle East regional strategy and enable more agile business development.
<Map showing the location of Dukm Port>
Oman possesses natural gas resources, but also has high potential as a renewable energy source, and is expected to be able to produce green hydrogen at a competitive price.
In particular, Duqm Port has the advantage of being located on the outer side of the Strait of Hormuz, making it geographically close to the Middle East, India, and East Africa.
For this reason, the Duqm Special Economic Zone has established various incentives for infrastructure development and attracting heavy and light industries. It is expected to become a hub for the production of reduced iron (green steel) that does not emit carbon dioxide in the steelmaking process, as well as for the production and export of hydrogen and ammonia using renewable energy such as wind and solar power.
With this MOU signed with PODC, Nippon Yusen will proceed with concrete discussions with PODC in a variety of fields, including supporting the green steel industry, developing new solutions for finished vehicle transportation in the Middle East, and manufacturing and transporting green energy.
