The Port of Riga and South Korea’s ECOMETHANOL Sign a Memorandum of Understanding on the Development of Green Methanol Production

(Port of Riga) Today, October 20, in the presence of Jonghan Kim, Ambassador of the Republic of Korea to Latvia, and Māris Sprindžuks, Deputy Chairman of the Riga City Council, a memorandum of cooperation was signed at Riga City Hall between the Freeport of Riga Authority, the South Korean company ECOMETHANOL Co., Ltd., and the Latvian company SIA “AE Risinājumi” regarding the development of green methanol production at the Port of Riga.

This partnership aims to establish a green methanol production facility, with its output exported for use as an alternative maritime fuel. Additionally, the cooperation will develop a green fuel supply and bunkering hub at the Port of Riga to service vessels traveling between Europe and Asia via the Northern Sea Route.

“This initiative underscores the growing potential for economic cooperation between the Republic of Korea and Latvia. By combining Korea’s technological expertise with Latvia’s strategically important infrastructure, such a partnership can open up new opportunities for innovation, investment, and sustainable industrial development. I welcome this cooperation as yet another positive step toward strengthening relations between our two countries,” Jonghan Kim, Ambassador of the Republic of Korea to Latvia, emphasized to those present today.

“This cooperation represents a significant step toward the next phase of maritime development, where the availability of alternative fuels will play an increasingly vital role. Our goal is to integrate the production, export, and bunkering of green methanol into a unified ecosystem. This will unlock new business opportunities for port operators while strengthening the Port of Riga’s regional competitiveness,” noted Ansis Zeltiņš, the Freeport of Riga CEO, upon signing the Memorandum.

John (Kukhyun) Kyung, a representative of ECOMETHANOL Co., Ltd. : “Europe is a significant market for low-carbon marine fuels. As part of this collaboration, we aim to explore opportunities for establishing a biomethanol production facility in Latvia by combining ECOMETHANOL’s technological expertise with the Port of Riga’s infrastructure and logistical advantages. We see this as a promising opportunity to expand our international operations and promote the decarbonization of maritime transport. Our vision is to supply green marine fuel at both ends of the Northern Sea Route - in Europe from Latvia, and in Asia from Korea.”

Gatis Galviņš, representative of SIA “AE Risinājumi”: “The significance of this project extends far beyond building a new production plant. It represents the next frontier in Latvia’s renewable energy evolution - shifting the focus from simply producing affordable green electricity to converting it into high-value products for international markets. By merging Latvia's expanding competitive energy potential with South Korean technology and capital, we can forge a completely new industrial value chain. Green methanol will act as the crucial link between renewable electricity and shipping, cementing Latvia’s position in the emerging European green fuel market and establishing the Port of Riga as a premier hub for sustainable maritime transport.”

“European regulations already mandate that large commercial vessels entering EU ports progressively reduce their emissions per unit of energy consumed. This regulatory shift is driving demand for cleaner marine fuels, including green methanol, and offers Latvia a prime opportunity to develop a high-potential export product. The Investment and Development Agency of Latvia (LIAA), alongside the Latvian Embassy in South Korea, played a key role in facilitating this corporate partnership. Projects like this enable us to maximize the economic returns from our resources - by exporting high-value-added products, creating skilled jobs, and boosting tax revenues,” said Ieva Jāgere, Director of the Latvian Investment and Development Agency (LIAA), highlighting the project’s benefits.

ECOMETHANOL Co., Ltd. is a Seoul-based clean energy technology company specializing in the production of green methanol for use as marine and aviation fuel.

ECOMETHANOL and SIA “AE Risinājumi” will jointly develop a green methanol production project in Latvia, targeting the marine fuel market in the Baltic Sea region and beyond, including ships traveling between Europe and Asia via the Northern Sea Route. The Memorandum will establish cooperation with the Freeport of Riga Authority, linking the development of the production facility with the port’s infrastructure and logistics capabilities.

The project in Latvia is part of a broader plan to ensure the supply of green marine fuel at both ends of the Northern Sea Route. In Asia, ECOMETHANOL is developing a green methanol production plant in the South Korean city of Taebaek with a planned capacity of 15,000 metric tons per year. Construction is scheduled to begin in December 2026, and the plant will supply fuel to ports along Korea’s east coast. In Europe, the Port of Riga is designated as a fuel supply point for ships traveling between Europe and Asia.

The cooperation will cover the selection of a suitable site, land lease terms, and infrastructure planning, including utility connections, transportation links, and access to port terminals. Additionally, the partners will evaluate environmental compliance, available support mechanisms, and the development of dedicated methanol bunkering infrastructure.

The memorandum will outline the parties’ cooperation in preparing the project over a three-year period. The partners will define the exact terms of the land lease and project execution in separate agreements. READ MORE