Japan’s Mitsui OSK Lines has signed a memorandum of understanding with Malaysia’s Petronas to study liquefied CO2 transportation for carbon capture, utilisation and storage (CCUS).
The agreement was signed by MOL chief executive Takeshi Hashimoto and Petronas chief executive of upstream Adif Zulkifli.
Petronas, the state-owned oil and gas company, will study the liquefied CO2 transportation market in the Asia-Pacific region. MOL will study the specifications of liquefied CO2 tankers from the standpoint of the entire CCUS value chain.
MOL aims to establish the optimal means of ocean transport for captured CO2. It is already actively involved in the liquefied CO2 transportation business through its investment in Norway’s Larvik Shipping, which has been engaged in the trade for 30 years.
Larvik is also being lined up to join the collaboration with Petronas by contributing its know-how on the safe transportation of the cargo.
MOL sees its work in liquefied CO2 transportation as part of its efforts to contribute to a low-carbon society. It has set the goal of achieving net-zero carbon emissions by 2050.
“Liquefied CO2 ocean transport plays an important role in efficiently connecting capture sites and storage or usage sites to ensure the most effective use of the CCUS value chain,” MOL said.
“MOL will further accelerate its initiative on ocean transport of liquid CO2 to contribute to the creation of a low-carbon and decarbonisation society.”
Mitsubishi Heavy Industries announced this month that it will build a liquefied CO2 carrier as part of a wider Japanese initiative to develop high-volume CO2 transport.