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