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Chevron (CVX) & Angelicoussis Group Agree to a Joint Study
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Chevron Corporation (CVX - Free Report) through its subsidiary, Chevron Shipping Company LLC, announced a Joint Study Agreement (JSA) with Green Ships, the energy transition division of the Angelicoussis Group. The agreement aims at exploring how tankers can be used for the transportation of ammonia — a prospective low-carbon marine fuel.
The initial phase of the study will analyze the ammonia transportation market, current infrastructure, ammonia safety concerns, potential next generation vessel requirements and an introductory system to transport ammonia between the U.S. Gulf Coast and Europe.
Following opportunities will be focused on additional global markets. Ammonia, being a carrier of hydrogen, is believed to have the potential to lower the maritime industry's carbon footprint. Chevron and the Angelicoussis Group, through the JSA, aim to develop ammonia’s technical and commercial feasibility, particularly as an export for petrochemicals, power and mobility markets.
According to Mark Ross, president of Chevron Shipping Company, the collaboration with the Angelicoussis Group will help advance lower carbon energy at scale and progress marine transportation of ammonia. It will also drive the company’s progress toward its energy transition goals.
Austin Knight, vice-president, Hydrogen, Chevron New Energies, stated that the company is using its international functional marine expertise and collaborating with the Angelicoussis Group to pursue the delivery of lower carbon proof points to the market.
Stelios Troulis, Green Ships and energy transition director for the Angelicoussis Group, stated that ammonia has enough potential as a hydrogen vector and is regarded as one of the alternative fuel options to decarbonize shipping. He added that this study will help identify the technical, operational and financial challenges of carrying ammonia at scale, and utilizing it as a fuel in a safe and sustainable manner.
Zacks Rank & Key Picks
Currently, Chevron carries a Zacks Rank #3 (Hold).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past seven days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.
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Chevron (CVX) & Angelicoussis Group Agree to a Joint Study
Chevron Corporation (CVX - Free Report) through its subsidiary, Chevron Shipping Company LLC, announced a Joint Study Agreement (JSA) with Green Ships, the energy transition division of the Angelicoussis Group. The agreement aims at exploring how tankers can be used for the transportation of ammonia — a prospective low-carbon marine fuel.
The initial phase of the study will analyze the ammonia transportation market, current infrastructure, ammonia safety concerns, potential next generation vessel requirements and an introductory system to transport ammonia between the U.S. Gulf Coast and Europe.
Following opportunities will be focused on additional global markets. Ammonia, being a carrier of hydrogen, is believed to have the potential to lower the maritime industry's carbon footprint. Chevron and the Angelicoussis Group, through the JSA, aim to develop ammonia’s technical and commercial feasibility, particularly as an export for petrochemicals, power and mobility markets.
According to Mark Ross, president of Chevron Shipping Company, the collaboration with the Angelicoussis Group will help advance lower carbon energy at scale and progress marine transportation of ammonia. It will also drive the company’s progress toward its energy transition goals.
Austin Knight, vice-president, Hydrogen, Chevron New Energies, stated that the company is using its international functional marine expertise and collaborating with the Angelicoussis Group to pursue the delivery of lower carbon proof points to the market.
Stelios Troulis, Green Ships and energy transition director for the Angelicoussis Group, stated that ammonia has enough potential as a hydrogen vector and is regarded as one of the alternative fuel options to decarbonize shipping. He added that this study will help identify the technical, operational and financial challenges of carrying ammonia at scale, and utilizing it as a fuel in a safe and sustainable manner.
Zacks Rank & Key Picks
Currently, Chevron carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are CVR Energy (CVI - Free Report) , Par Pacific Holdings Inc. (PARR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) and Valero Energy Corporation (VLO - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past seven days, VLO has seen an upward revision in earnings estimates for 2023 and 2024.