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NYK Finalizes Agreement to Transport Biofuel

August 4, 2008

NYK has concluded a three-year charter contract with Japan Biofuels Supply LLP (JBSL) that comes with an option to extend the contract for two additional years. A 37,000 DWT class chemical tanker will be used for shipments of the biofuel bio-ETBE (ethyl tertiary-butyl ether).

JBSL, a partnership involving 10 major oil companies in Japan, has agreed to blend 840,000 kiloliters of bio-ETBE into gasoline in fiscal 2010 in response to the government's request to achieve the emission reduction goals for Japan mentioned in the Kyoto protocol.