MOL Joins International Think Tank and accelerate development for Carbon Capture, Utilization and Storage

June 11, 2021

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that it joined the Australia-based Global CCS Institute (GCCSI), an international think tank on carbon capture and storage (CCS), which is recognized as a means to achieve a low-carbon and decarbonized society.

GCCSI's mission is to accelerate the deployment of carbon capture and storage (CCS), a vital technology in future initiatives to reduce carbon emissions in the atmosphere, moving forward with trend surveys, while working to share knowledge and raise awareness of the technology. Its diverse membership includes representatives from governments, private companies, research institutes, and non-governmental organizations. GCCSI is headquartered in Melbourne and has offices in Washington, D.C., Brussels, Tokyo, Beijing, and Abu Dhabi.

Global CCS Institute CEO, Brad Page, welcomed MOL to the Institute's fast-growing membership."It is clear that the world requires CCS in very large volumes and in many places around the world to achieve net zero emissions around mid-century. Transporting bulk carbon dioxide for permanent storage will be a key part of the CCS chain and a growing business opportunity.", Page said. "We look forward to working with MOL and other member companies specializing in transporting carbon dioxide to ensure that this vital element of the supply chain develops quickly."

MOL entered the business of transporting liquefied carbon dioxide (CO₂) by sea in March 2021, when it invested in Larvik Shipping AS (LS; Headquarters: Norway), which has managed industrial liquefied CO₂ vessels in Europe over 30 years. By combining its accumulated experience in safe vessel operation and cargo handling with LS's know-how and solid track record, MOL will examine ways to expand the scale of liquefied CO₂ vessels and contribute to the further worldwide development of the liquefied CO₂ ocean transport business.

Drawing upon the knowledge and accessed through its participation in GCSSI, MOL aims to expand both upstream and downstream in carbon capture, utilization and storage business value chains, and contribute to the achievement of a sustainable, decarbonized society.

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CCUS value chain related projects

December 2020: Australian Offshore CO₂ Capture and Storage Hun Project (*1)

March 2021: MOL to Move into Ocean Shipping of Liquefied CO₂ Ocean Transport Business through Investment in Norway's Larvik Shipping AS (*2)

May 2021: Klaipedos nafta, Larvik Shipping, and Mitsui O.S.K. Lines will carry out a feasibility study for liquefied CO₂ and hydrogen project in Klaipeda, Lithuania (*3)

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[Outline of GCCSI]
Name: Global CCS Institute
Established: 2009
Representative: CEO Brad Page
Headquarters: Melbourne, Australia (Australian company)
Business: Moving forward with trend surveys, while sharing knowledge, raising awareness, and so on related to CCS with the objective of using CCS technology to reduce greenhouse gases (GHGs) as swiftly and as cost-effectively as possible.
History of Establishment: Hokkaido Toyako Summit leaders in 2008 announced plans to launch 20 large-scale CCS demonstration projects globally by 2010, and in September of the same year, Australian PM Kevin Rudd (at the time) advocated GCCSI initiatives. GCSSI was established in June 2009, based on those initiatives.

[Outline of Larvik Shipping AS]
Company name: Larvik Shipping AS
Founded: 1988
Representative: John Espen Tollevik
Location: Larvik, Norway
Business: Ship management of liquefied CO₂ tankers, multi-purpose cargo freighters, and dry bulkers

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(*1) https://transbordersenergy.com/deepc-store-news-background/2020/12/5/australian-offshore-co2-capture-and-storage-hub-project

(*2) MOL Press Release dated 19/MAR/2021 https://www.mol.co.jp/en/pr/2021/21020.html

(*3) MOL Press Release dated 27/MAY/2021 https://www.mol.co.jp/en/pr/2021/img/21045.pdf