Port of Riga Signs Memorandum to Produce and Supply Green Methanol
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The Freeport of Riga Authority signed a memorandum of understanding on October 20, 2026, with South Korean company ECOMETHANOL and Latvian firm AE Risinājumi to explore the production of green methanol and the development of a bunkering hub for vessels sailing between Europe and Asia via the Northern Sea Route.
Scope of the Agreement
The understanding envisages setting up a green methanol production plant in Latvia geared toward export and use as an alternative marine fuel, as well as developing a green fuel supply and bunkering hub at the Port of Riga itself. The cooperation will cover site selection, land lease agreements, utility connections, transport links and access to port terminals, as well as the assessment of environmental compliance requirements. The joint working framework will run for three years to prepare the project, while specific lease and implementation terms will be defined in separate agreements.
Roles of the Parties
Under the agreement, ECOMETHANOL and AE Risinājumi will jointly develop the production project, while the Freeport of Riga Authority will provide support to integrate it with the port's existing logistics infrastructure. Freeport of Riga CEO Ansis Zeltiņš noted that the goal is to integrate the production, export and supply of green methanol into a single system, strengthening the port's role in the emerging alternative marine fuels market.
Strategy on Both Ends of the Route
The Latvian initiative is part of a broader ECOMETHANOL 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 plant in Taebaek, with a projected annual capacity of 15,000 metric tons, with construction scheduled to begin in December 2026 to supply ports on South Korea's east coast.
Early Stage
The Latvian port stated in a social media post that this partnership represents a new step toward attracting green energy investment, developing new industrial activities and strengthening Riga's role in future energy supply chains. However, the initiative is still at the planning stage, with no investment agreements, construction timelines or the start of bunkering operations yet confirmed.
