The Port of Riga has signed a memorandum of understanding (MoU) with South Korea’s ECOMETHANOL and Latvia’s AE Risinājumi to
The Port of Riga has signed a memorandum of understanding (MoU) with South Korea’s ECOMETHANOL and Latvia’s AE Risinājumi to explore the development of green methanol production and bunkering infrastructure, targeting demand for alternative marine fuels in the Baltic Sea and along the Northern Sea Route.
The agreement, signed on October 20, 2026, aims to establish a green methanol production facility in Latvia, with output intended for export as an alternative shipping fuel. The partners also plan to develop a green fuel supply and bunkering hub at the Port of Riga to serve vessels operating between Europe and Asia via the Northern Sea Route.
Under the proposed arrangement, ECOMETHANOL and AE Risinājumi will jointly develop the production project, while the Freeport of Riga Authority will support its integration with existing port infrastructure and logistics facilities.
According to the Freeport of Riga Authority, the cooperation will cover site selection, land lease arrangements, utility connections, transport links and access to port terminals. The partners will also assess environmental compliance requirements, potential support mechanisms and the development of dedicated methanol bunkering infrastructure.
The MoU establishes a three-year cooperation framework for project preparation, with specific land lease and implementation terms to be determined through separate agreements.
Ansis Zeltiņš, CEO of the Freeport of Riga, said the objective is to integrate green methanol production, export and bunkering into a unified system, strengthening the port’s role in the emerging alternative marine fuel market.
The Latvian initiative forms part of ECOMETHANOL’s broader strategy to establish green fuel supply points at both ends of the Northern Sea Route. In South Korea, the company is developing a green methanol production facility in Taebaek, with a planned annual capacity of 15,000 metric tons. Construction is scheduled to begin in December 2026, with the facility expected to supply ports along South Korea’s east coast.
The project also reflects growing interest in alternative marine fuel infrastructure as European regulations require progressive reductions in the greenhouse gas intensity of energy used by ships calling at EU ports.
However, the Riga initiative remains in the planning stage, with investment arrangements, construction schedules and the start of bunkering operations yet to be confirmed.
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