MOL, Petronas and MISC Berhad to form LCO2 carrier JV

The agreement signifies that the three counterparties have reached an agreement in principle around the commercial terms of a final deal, but is subject to the parties reaching a final agreement. 

The agreement was agreed in Tokyo, and the ceremony was attended by Petronas’ Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli and Head of Carbon Management and Chief Executive Officer of Petronas CCS Ventures, Emry Hisham Yusoff, as well as MOL Executive Vice President Executive Officer and Chief Operating Officer, Toshiaki Tanaka; and MISC President/Group Chief Executive Officer, Captain Rajalingam Subramaniam.

MOL and Petronas have been exploring the possibilities of developing an international CCS value chain to transport CO2 from Japan to Malaysia for some time. Petronas notes that the two companies originally signed an MoU in February 2022 to collaborate in the development of conceptual designs for LCO2 carriers. The resulting LCO2 carrier design received four Approvals in Principle (AiPs) in June 2023.

The Motorship previously reported that MISC signed a deal with Andritz to collaborate on the application and optimisation of its carbon capture technologies for stationary and maritime applications in January 2023.