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Tuesday, January 31, 2023

Rio Tinto (NYSE: RIO) and bp Decides to Team Up on a One-Year Biofuel Trial

Rio Tinto Group (NYSE: RIO) confirmed that it has decided to team up with bp for a one-year biofuel trial to help cut carbon emissions from Rio Tinto’s marine fleet. The company is thrilled to be collaborating with BP on this long-term trial since sustainable biofuels can be a crucial transition fuel on the route to net-zero marine emissions.

BP will supply Rio Tinto with marine biofuel for around a year as part of the trial. In one of the longest-duration marine biofuel trials to date, the fuel will be evaluated on Rio Tinto’s RTM Tasman vessel on a mix of Transatlantic and Atlantic-Pacific itineraries. Rio Tinto will use the findings of the trial to research strategies to minimize carbon emissions from its marine fleet and shape its future biofuel strategy.

The trial will examine a variety of engine and fuel performance aspects, including engine efficiency and fuel consumption, corrosion and degradation, microbiological development, temperature impact, fuel switching impacts, and fuel stability, in collaboration with BP and ship managers Anglo-Eastern.

Furthermore, bp believed that as it migrates to longer-term net-zero solutions, sustainable biofuels are critical to assist decarbonize the maritime industry in the near- and mid-term. It is happy to be partnering with Rio Tinto to help them decarbonize their operations. These tests are part of its ongoing efforts to assist the shipping industry in making the energy transition faster.

Additionally, the extended trial agreement follows a successful journey on the RTM Tasman as RTM completed a successful journey after refueling with biofuel for the first time in Rotterdam in March 2022 and picking up its first load of the trial at the Iron Ore Company of Canada’s Sept-Îles port in Quebec in April. During the trial, all biofuel refueling will take place in Rotterdam.

The trial is employing a B30 biofuel blend made by BP that contains 30% fatty acid methyl esters (FAME) and extremely low sulphur fuel oil (VLSFO). When compared to regular marine fuel oil, this B30 biofuel blend can cut lifecycle carbon dioxide emissions by up to 26%. FAME is a biodiesel-like renewable alternative fuel made mostly from recycled cooking oils and renewable oil sources. It has identical physical attributes to ordinary diesel and is a ‘drop-in fuel,’ needing no engine or vessel changes.

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