Petronas, MOL, MISC to Develop Liquefied CO2 Carriers for CCS Projects
(P&GJ) — Petronas CCS Ventures Sdn Bhd has signed an agreement with Mitsui O.S.K Lines, Ltd. (MOL) and MISC Berhad to jointly invest in developing and monetizing Liquefied Carbon Dioxide (LCO2) carriers for Carbon Capture and Storage (CCS) projects in Malaysia.
The parties have agreed in principle on the key commercial terms to allow progress to the next stage.
In February 2022, MOL concluded an MOU with Petronas, and in June 2023, obtained approval in principle (AiP) for the design of an LCO2 carrier and floating storage and offloading (FSO). MISC recently became a partner in this collaboration and will cooperate with MOL in the development of various transport methods, mainly LCO2 carriers, as well as the optimal business model for addressing various transport needs in the future, according to the companies.
The 2022 MOU centered on the study of LCO2 for conducting CCUS business within the Asia Pacific and Oceania region. MOL described its role as studying specifications of LCO2 tankers from the standpoint of the entire CCUS value chain with the aim of establishing the optimal means of ocean transport for captured CO2.
This partnership further reinforces Petronas’ commitment in establishing Malaysia's potential as a prominent regional hub for CCS. In line with its strategic objectives, the group actively collaborates with industry partners, taking deliberate actions to accelerate the development of a sustainable energy portfolio that prioritizes responsible practices.
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