Mitsui & Co., nestled in Tokyo and steered by Kenichi Hori, unveiled a green venture with Portugal’s Galp SGPS, S.A. on September 25, 2023, marking a significant stride in renewable diesel and sustainable aviation fuel (SAF) production. With regulatory nods pending, Galp is set to hold the lion’s share of 75%, leaving Mitsui with a 25% stake in this eco-conscious venture.
Crafted from waste residues like used cooking oil and animal fats, the fuels—hydrotreated vegetable oil (HVO) and SAF—are a green thumbs-up, meeting the swelling demand in Europe, thanks to supportive government policies. Galp, a cornerstone in Portugal’s energy landscape since 1999 and headquartered in Lisbon, brings to the table its extensive experience, operating the Sines Refinery and championing energy transition initiatives.
The collaboration is brewing plans to erect versatile facilities at the Sines Refinery, with eyes set on alternating between HVO and SAF production. The green light for commercial operations is anticipated in 2026, with the inaugural HVO production earmarked for the end of 2025.
Mitsui is rolling up its sleeves to manage the value chain, overseeing the procurement of feedstocks primarily from Asia and steering the product sales. This venture is a leaf out of Mitsui’s Medium-term Management Plan 2026, spotlighting the Global Energy Transition and ambitions to broaden its horizons in the transportation fuels sector.
With a mission to “build brighter futures, everywhere,” Mitsui is wearing its commitment to climate change and sustainable growth on its sleeve. The company has spotlighted five key issues for sustainable growth, with this venture playing a pivotal role in nurturing an eco-friendly society.
Acknowledging the potential headwinds and uncertainties, Mitsui stands transparent and unwavering in its commitment to its objectives. The announcement underscores the accuracy of the information at the time of publication, with Mitsui & Co. opening its doors for further inquiries through their Corporate Communications Division.
This investment is a feather in Mitsui’s cap, showcasing its innovative spirit and commitment to sustainability in the global energy tapestry. The synergy between Mitsui and Galp is a harmonious blend of expertise, aiming to quench the growing thirst for alternative fuels and contribute to Mother Earth’s conservation.
The venture, with its multifaceted nature, is underscored by Mitsui’s comprehensive approach to the value chain. The buzz around the 2026 commercial operation date and the adaptable facilities highlight the forward-thinking ethos of Mitsui and Galp.
Mitsui’s global outlook in sourcing materials from Asia is a testament to its commitment to diversity and reliability in supply chains. The focus on the Global Energy Transition is a conscientious stride to address the pressing challenges our planet faces.
The project’s alignment with Mitsui’s mission and values is a seamless integration of corporate ethos and business strategies. Mitsui’s transparency regarding potential risks is a responsible nod to stakeholder communication, with the public nature of the announcement signaling corporate openness and accessibility.
Mitsui’s handshake with Galp is a reflection of its commitment to environmental stewardship and sustainable growth. The venture is poised to be a significant contributor to the alternative fuels market, addressing the burgeoning demand and environmental concerns.
Mitsui’s strategic, transparent, and dedicated approach is painting a promising canvas for the future of energy. The company’s footprints in the energy sector, including investments in renewable natural gas, e-Methanol production, and unconventional gas assets, are a showcase of its diversified and innovative energy solutions.