Petronas, MOL, MISC To Jointly Develop LCO2 Carriers For CCS Projects In Malaysia

Petronas CCS Ventures Sdn Bhd a wholly-owned subsidiary of the group signed a Term Sheet with Mitsui O.S.K Lines, Ltd. (MOL) and MISC Berhad on the potential to invest in developing and monetising Liquefied Carbon Dioxide (LCO2) carriers for Carbon Capture and Storage (CCS) projects in Malaysia.

Building on the February 2022 Memorandum of Understanding (MOU) signed with MOL and the four Approval in Principle (AiPs) for the conceptual design of the LCO2 carriers in June 2023, the Term Sheet marks another milestone for the positioning of CCS as a key lever in PETRONAS’ Net Zero Carbon Emissions by 2050 ambition.

Speaking on behalf of PETRONAS, Adif said, “LCO2 carriers are integral to the CCS value chain to connect customers to carbon capture sites and storage locations. Our partnership with MOL and MISC is a powerful synergy of multiple expertise, abundant resources, and shared values. By combining our individual strengths, we will be able to facilitate the development and subsequently materialise the transportation of liquefied COin a safe and sustainable manner.”

CEO Rajalingam of MISC reiterated, “We are pleased to partner with PETRONAS and MOL in this strategic venture. It’s a perfect fit with our vision for a just transition, where responsible practices take center stage in managing societal emissions. As a future-focused shipowner, MISC is well-equipped to deliver the technical expertise required for LCO2 shipping, an essential link in the carbon capture and storage value chain. Again, our call to the maritime and other hard-to-abate industries is to collaborate and do just for the betterment of communities. Viable solutions to manage societal emissions are available.”

This partnership reinforces Petronas” commitment to 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 prioritises responsible practices

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