Hong Kong-based shipowner Wah Kwong has announced the launch of a new subsidiary, Venture Energy, tasked with developing and trading low-emission marine fuels. The new entity will function as a commercial interface between Chinese producers of clean fuels and international end users.
According to Wah Kwong, Venture Energy is structured to meet both the company’s internal fuel needs and the broader market demand from third-party shipowners. It will offer integrated supply chain services that span plant development, certification, logistics, and delivery at key bunkering hubs across Asia.
The company is targeting late 2026 to begin supplying methanol from a portfolio of production facilities located in China. These plants are expected to obtain certification under the ISCC EU system and comply with the Tier 2 surplus carbon intensity criteria delineated under the International Maritime Organization’s MEPC 83 framework. Supply volumes outlined in the memorandum of understanding currently stand at approximately 500,000 tonnes per year.
Greg McMillan, former Investment Director at Wah Kwong, has taken on the role of Executive Director at Venture Energy. Operational leadership will be managed by General Manager Deepak Devendrappa, who has previously served as the Global Director of Low Carbon Markets at Methanex Corporation and is a board member of the Methanol Institute.
Hing Chao, Executive Chairman of Wah Kwong, described the move as a necessary response to regulatory and market dynamics: ‘As the energy transition gathers pace, it is increasingly important we push new ventures to invest, produce and deliver diversified solutions the industry needs to decarbonise,’ he said. ‘MEPC 83 has sent a clear message to the industry, and with this impetus behind the maritime sector, we expect the development of the clean fuels market to accelerate.’
Deepak Devendrappa commented: ‘China can contribute significantly in terms of lowering green fuel costs for shipping companies. We are committed to working with established companies throughout the green fuels value chain.’
The timing of the launch coincides with a broader increase in Chinese investment in green methanol production, with the country emerging as a strategically significant player in the alternative fuels supply chain. In March 2025, Wah Kwong partnered with Chinese energy equipment supplier CIMC ENRIC to support the development of methanol bunkering infrastructure in the Greater Bay Area, Southern China, and South East Asia.
