MOL and Cosmo Oil Sign MoU to Study Ocean Transport for Development of CCS Value Chain

October 27, 2023

Mitsui O.S.K. Lines, Ltd.
Cosmo Oil Co., Ltd.
Cosmo Energy Holdings Co., Ltd.

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and Cosmo Oil Co., Ltd. (Cosmo Oil; President: Yasuhiro Suzuki; Headquarters: Minato-ku, Tokyo) today announced the signing of a memorandum of understanding (MoU) on the study of ocean transport, with the goal of establishing a carbon dioxide capture and storage* (CCS) value chain.

CCS is regarded as one of the most effective solutions to realize a low-carbon/decarbonized society. MOL and Cosmo Oil will collaborate on the establishment of a "CCS value chain consisting of separation, capture, transport, injection and storage" of CO₂ emitted from Cosmo Oil's refineries (emission sources), and conduct the following studies.

• (1) Outline specifications of liquefied CO₂ carriers suitable for the distance from the emission sources to the candidate storage sites in Japan and abroad, and the expected transport volume.
• (2) Estimate of ocean transport costs based on the results of the study in (1) above.
• (3) Further possible collaborations on any potential projects on CCS, CO₂ capture, separation, ocean transport, and reuse.

* CCS: Technology to capture CO₂ from exhaust gas and store it underground, etc.

MOL and Cosmo Oil will accelerate this CCS value chain project through the MoU, and contribute to the realization of a low-carbon society.

<Introduction of companies>

• MOL Group
  The MOL Group Vision is to develop a variety of social infrastructure businesses in addition to traditional shipping, and will meet evolving social needs, including environmental conservation, with innovative technology and services.
  This project is in line with the growth of non-shipping businesses set forth in the "BLUE ACTION 2035" management plan and the strategy of "Expanding low-carbon/decarbonized business by leveraging the group's collective strengths" in the "MOL Group Environmental Vision 2.2," in addition to the MOL Group Vision. With these contributions to the sustainable development of society and the preservation of nature, from the blue oceans, the group sustains people's lives and ensures a prosperous future.
  URL: https://www.mol.co.jp/en/

  

• Cosmo Energy Group
  The Cosmo Energy Group has declared its goal of "Net Zero Carbon by 2050" and is accelerating its decarbonization efforts through Vision 2030 and the 7th Consolidated Medium-Term Management Plan Oil & New ~Next Stage~. This project is one of the concrete measures that contribute to "strengthening the competitiveness of the oil business and pursuing low-carbon" as stated in Vision 2030.
  The Cosmo Energy Group is committed to solving social issues and achieving sustainable corporate growth to realize the group philosophy of "Striving for harmony and symbiosis between our planet, man and society."
  URL: https://www.cosmo-energy.co.jp/en/top.html

  Cosmo Energy Group "Vision2030"
  To create energy that shapes the future, energy that sustains society, and
  new forms of value.

  

  URL: https://www.cosmo-energy.co.jp/en/about/ir/management/mediumterm/pdf/7thmediumterm.html