Japan Airlines Corporation ("JAL"), Marubeni Corporation ("Marubeni"), Mitsubishi Chemical Corporation ("Mitsubishi Chemical"), Chugoku Lumber Corporation ("Chugoku Lumber"), Boeing Japan Co. ("Boeing"), Boeing Japan Co., Ltd. and Obayashi Corporation ("Obayashi") have signed a Memorandum of Understanding ("MOU") for the purpose of conducting a feasibility study ("Study") on a project to produce and sell Sustainable Aviation Fuel ("SAF"), bionaphtha and biodiesel from forest resources in Japan.

■Outline of the Study
This study envisions the establishment of a supply chain for domestic local production for local consumption that uses Licella's (*1) manufacturing technology to produce biocrude oil from wood residues, reform and refine it, and manufacture products such as SAF, bionaphtha, and biodiesel. Specifically, we will evaluate the economic feasibility of the project, study the feedstock supply and processing system, study the manufacturing process, evaluate product logistics, and assess CO2 emission reduction benefits. The period of this study is scheduled to last until December 2025, with the aim of commercialization around 2030 if this study proceeds.

(*1) Licella is an Australia-based company that provides sustainable recycling solutions using the next-generation advanced recycling process, hydrothermal liquefaction technology (Cat-HTR™).

Japan Airlines Corporation: https://press.jal.co.jp/ja/release/202503/008725.html

Marubeni Corporation: https://www.marubeni.com/jp/news/2025/info/00014.html