bp and Marubeni have formed a joint venture to investigate the potential for offshore wind and hydrogen development in Japan.
Offshore wind and other decarbonization projects, such as hydrogen production, have been agreed upon as part of a strategic partnership between the two.
By signing an agreement with Marubeni, BP has agreed to purchase a 49 percent stake in the proposed offshore wind project off the coast of Japan, an area with exceptional wind resources.
By the year 2050, Japan plans to be carbon neutral. The agreement is still subject to merger control approvals, but once they are granted, it is expected to be completed quickly.
