Chevron Corporation (NYSE:CVX), through its subsidiary Chevron Shipping Company LLC, and the Angelicoussis Group, through its Energy Transition division, Green Ships, announced a Joint Study Agreement (JSA) to explore how tankers can be used to transport ammonia, a potential lower carbon marine fuel. The initial study will evaluate the ammonia transportation market, existing infrastructure, the safety aspects of ammonia, potential next generation vessel requirements and a preliminary system to transport ammonia between the U.S. Gulf Coast and Europe. Future opportunities will focus on additional global markets.

Ammonia is a carrier of hydrogen and is believed to have potential to lower the carbon intensity of the marine industry. Through the JSA, the Angelicoussis Group and Chevron aim to advance ammonia's technical and commercial feasibility at scale, particularly as an export for petrochemicals, power, and mobility markets.

"We are pleased to collaborate with the Angelicoussis Group on this study, help advance lower carbon energy at scale and progress marine transportation of ammonia," said Mark Ross, President of Chevron Shipping Company. "I'm proud of the collaboration between Chevron Shipping, Chevron New Energies and the Angelicoussis Group and look forward to driving progress toward our energy transition goals."

"Global value chain solutions are critical for growing the hydrogen market, and we believe shipping will play a crucial role. Chevron is leveraging its international functional marine expertise and collaborating with the Angelicoussis Group to pursue the delivery of lower carbon proof points to the market," said Austin Knight, Vice President, Hydrogen, Chevron New Energies.

"Through collaborating with Chevron Shipping Company on this study, we aim to make a meaningful contribution to prepare our industries for the transition towards lower carbon operations," said Maria Angelicoussis, CEO of the Angelicoussis Group. "Combining our many years of experience in seaborne transport of liquid and gaseous energy sources with Chevron's vast experience in the energy business provides a solid basis for this endeavor."

"Ammonia has potential as a hydrogen vector and is considered one of the alternative fuel options to decarbonize shipping. We believe this study will contribute towards identifying the technical, operational and commercial challenges of carrying ammonia at scale and using it as a fuel in a safe and sustainable way," said Stelios Troulis, Green Ships and Energy Transition Director for the Angelicoussis Group.

Chevron and the Angelicoussis Group have a long-standing relationship dating back to 2000. Since then, the partnership has grown from conventional vessels to include multiple LNG carriers, as well as joint work on energy transition initiatives. The teaming of Chevron Shipping, Chevron New Energies and the Angelicoussis Group on this study supports and accelerates both organizations' ambitions to become leading, global clean energy providers by focusing on all aspects of the hydrogen supply chain.

About Chevron

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies.

About the Angelicoussis Group

The Angelicoussis Group was founded in 1947 and provides world class shipping services across the LNG, tanker and dry bulk markets. The Group is a privately held family business and is headed by Maria I. Angelicoussis who became CEO in 2021. Angelicoussis Group is headquartered in Athens, Greece and has over 8,000 professionals across the globe (onboard and onshore). Angelicoussis Group established Green Ships in 2022 to lead all energy transition engagements with its partners, customers, and other stakeholders across a broad range of value chains pertaining to its shipping activities. More information about the Angelicoussis Group is available at www.angelicoussisgroup.com.

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Chevron and the Angelicoussis Group Announce Ammonia Carrier Joint Study Agreement