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Astomos Energy Corporation and Statoil have signed memorandum of understanding (MoU) to look into projects related to the use of liquefied petroleum gas (LPG) as a marine fuel.

In a statement, Astomos explained that the MoU is designed to enhance further cooperation between Astomos and Statoil where both firms will be sharing information and performing research into jointly collaborating in initiatives related to LPG bunkering - including LPG-fuelled vessels and the development of global supply sites for the supply of LPG as a fuel to ships.

"For the past years, Astomos and Statoil have been forming [a] respectable business partnership in the fields of seaborne LPG trading around the world," Astomos said.

Astomos added that the MoU made the partnership between both organizations "stronger" and that it would contribute to their expansion in new business areas.

Tokyo-headquartered Astomos is a leading specialist in the LPG market; the company operates more than 20 LPG vessels and is involved in LPG trading, import and distribution.

Astomos is jointly owned by Idemitsu Kosan (51 percent) and Mitsubishi Corporation (49 percent).