Peninsula, Evos to develop biofuel storage infrastructure at Spanish port

Marine energy solutions provider Peninsula and storage giant Evos have signed an MoU to jointly progress the development of dedicated biofuel storage infrastructure at Evos’ terminal in the Port of Algeciras, Spain.

The proposed Evos expansion includes plans to develop up to 60,000 cubic metres of storage capacity, fully allocated to Peninsula to support the expansion of its biofuels supply chain in the region.

Located at the Strait of Gibraltar—one of the world’s busiest maritime corridors—the Evos Algeciras expansion project is intended to strengthen infrastructure for the energy transition in shipping. It will provide dedicated storage and handling capacity for low-carbon marine fuels, underpinning Peninsula’s quality proposition through control of its own supply chain.

John A. Bassadone, Founder and CEO of Peninsula, said, “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. These regulations are designed to ratchet up, and biofuels are the most versatile, available option today to meet decarbonisation targets.”

He added, “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.”

Under the MOU, 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 project development at its Algeciras terminal, including engineering, permitting and construction, while Peninsula will integrate the capacity into its growing global biofuels supply network.

Daan Vos, CEO at Evos, stated, “Algeciras is already an important bunker and trading hub, with direct relevance to global shipping activity and inter-Mediterranean trade flows. Evos has a well-established position in the port as a bunker fuel storage terminal, and the expansion project with a strategic partner such as Peninsula builds on that position. By developing infrastructure for marine biofuels, we can respond to changing demand in the bunker market and strengthen Algeciras’ role in the transition to lower-carbon shipping.”