Peninsula and Evos have signed an MoU to develop dedicated biofuel storage infrastructure at the Port of Algeciras strengthening its capacity to store and handle low-carbon marine fuels.
The proposed expansion will provide up to 60,000 cubic metres of storage capacity for Peninsula, supporting its growing biofuels supply chain and marine fuel operations.
“We are seeing an acceleration of biofuel adoption as a result of price volatility of conventional fuels and regulatory measures such as FuelEU and EU ETS,” said John A. Bassadone, founder and CEO of Peninsula.
By partnering with Evos to build storage infrastructure, it allows us to control the quality of product and to blend biofuel ratios according to market demand. It will also offer our customers full flexibility and optionality when lifting bio products from us and further demonstrates Peninsula’s active commitment to the decarbonisation of marine fuels.”
Increased capacity
Evos will lead project development at its Algeciras terminal, including engineering, permitting and construction, while Peninsula will integrate the new capacity into its global biofuels supply network.
The companies will continue technical and commercial discussions on a long-term storage and handling agreement, subject to Evos’ final investment decision.
Located at the Strait of Gibraltar, Algeciras is a major maritime corridor and established bunker and trading hub. The proposed investment is intended to strengthen the port’s role in lower-carbon shipping while providing additional cargo handling capability for marine biofuels.
Daan Vos, CEO at Evos, said the expansion would respond to changing bunker market demand and strengthen Algeciras’ role in the transition to lower-carbon shipping.
The project highlights the growing importance of dedicated port infrastructure capable of supporting alternative fuels as regulatory measures and fuel-price volatility accelerate biofuel adoption across maritime markets.
