PETRONAS has signed a Memorandum of Understanding (MoU) with leading global shipping company Mitsui O.S.K. Lines, Ltd. (MOL) to jointly explore opportunities in liquefied carbon dioxide (CO2) transportation for the carbon capture, utilisation and storage (CCUS) value chain in Asia Pacific and Oceania regions.
The MoU was signed in a virtual ceremony on 7 February by PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Adif Zulkifli and MOL President and Chief Executive Officer Takeshi Hashimoto.
Adif said, “PETRONAS continuously explores opportunities to reduce carbon emissions in our operations. This collaboration is important as long haul liquefied CO2 transportation plays an essential role in the CCUS value chain. We are confident that MOL’s strong track record, coupled with its recent acquisition of Larvik Shipping AS which has safely transported CO2 for over 30 years, will position both PETRONAS and MOL as leaders in the region for long haul transportation of liquefied CO2.”
PETRONAS is taking deliberate steps to build a resilient and sustainable portfolio aligned to its growth strategy, delivering effective solutions with a lower carbon footprint through commercial and operational excellence, renewable energy generation and technology innovations. PETRONAS supports the transition towards lower carbon energy sources by applying technology that lowers emissions across the value chain, which includes carbon capture, transport and storage.
MOL, together with Larvik Shipping AS, which is one of the few companies in the world qualified to operate liquefied CO2 vessels for food-grade CO2, will contribute its expertise in safe transportation of liquefied CO2. Liquefied CO2 transportation safely and efficiently connects CCUS sites over long distances where pipelines are not economically viable.