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MOL and PETRONAS Sign MoU on Liquefied CO2 Transportation for CCUS

February 08, 2022

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto ; Headquarters: Minato-ku, Tokyo) today announced that it concluded a Memorandum of Understanding (MoU) with Petroliam Nasional Berhad (PETRONAS), the state-owned energy company of Malaysia, to study liquefied CO2 transportation required for carbon capture, utilization and storage (CCUS) value chain. On February 7, 2022, MOL President & CEO Hashimoto and PETRONAS Executive Vice President & CEO, Upstream Adif Zulkifli participated in the MoU online signing ceremony.

Online signing ceremony

Based on the MoU, MOL and PETRONAS will study liquefied CO2 transportation for CCUS business within the Asia Pacific and Oceania region. MOL's role includes studying specifications of liquefied CO2 tankers from the standpoint of the entire CCUS value chain with the aim of establishing the optimal means of ocean transport for captured CO2. In addition, Larvik Shipping AS (LS; Headquarters: Norway) (Note 1), which is partly owned by MOL and has managed liquefied CO2 tankers over 30 years, will also join the study and contribute its know-how on the safe transport of liquefied CO2.

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 has already entered the liquefied CO2 ocean transport business through its investment in LS. MOL will further accelerate its initiative on ocean transport of liquefied CO2 to contribute to the creation of a low-carbon and decarbonization society. It aims to achieve group-wide net zero GHG emissions by 2050, as stated in "MOL Group Environmental Vision 2.1" (Note 2).

(Note 1) Please refer to the following press releases related to LS:
- March 19, 2021
MOL to Move into Ocean Shipping of Liquefied CO2 Ocean Transport Business through Investment in Norway's Larvik Shipping AS
- May 27, 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

(Note 2) MOL Group Environmental Vision 2.1