HYCO1, Malaysia LNG Team Up for Major CO₂ Utilization Project in Sarawak
(P&GJ) — HYCO1, Inc. and Malaysia LNG Sdn. Bhd. (MLNG), a subsidiary of PETRONAS, have signed a Memorandum of Understanding (MOU) to collaborate on a carbon capture and utilization (CCU) project in Bintulu, Sarawak, Malaysia.
The agreement, signed by HYCO1 CEO Gregory Carr and MLNG Managing Director and CEO Mohamed Syazwan Abdullah at Laga Jenggi, outlines plans to convert captured carbon dioxide (CO₂) into chemical and fuel products using HYCO1's proprietary CUBE technology.
Under the MOU, the two companies will jointly conduct a feasibility study to evaluate design options for producing low-cost, low-carbon syngas—comprising customizable ratios of hydrogen (H₂) and carbon monoxide (CO)—to meet demand from various downstream users.
"This is very exciting for all stakeholders, including HYCO1 and MLNG and will benefit all Malaysians," Carr said. "We feel honored to collaborate with MLNG to support their Net Zero Carbon Emissions (NZCE) by 2050 aspirations. Our revolutionary process and catalyst are game changers in decarbonization because not only do we prevent CO₂ from being emitted into the atmosphere, but we transform it into highly valuable and usable downstream products," he added.
HYCO1’s CUBE process aims to displace higher-cost natural gas with lower-cost CO₂ feedstock, producing lower carbon intensity (CI) syngas at a cost lower than conventional "gray" syngas. The plant is expected to be completed by 2029.
Unlike traditional carbon capture and sequestration (CCS) projects that focus solely on storage, HYCO1 and MLNG’s CCU effort seeks to fully utilize captured CO₂ emissions to create profitable and competitive industrial products.
Both companies describe the project as potentially one of the largest CO₂ utilization initiatives in history, offering a pathway to profitably achieving net-zero emissions at large scale.
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