Petronas has joined six South Korean companies to carry out conceptual and feasibility studies toward establishing a full value chain related to carbon dioxide (CO2) capture, transport and storage.
The Malaysian energy giant has penned a memorandum of understanding with construction firm Samsung Engineering, shipbuilder Samsung Heavy Industries (SHI), energy players SK Earthon, SK Energy, GS Energy Corporation and petrochemical firm Lotte Chemical.
Petronas said the deal also involves the evaluation of potential CO2 storage sites in Malaysia and exploration of other areas across the carbon capture and storage (CCS) value chain, including the strengthening of cross-border CO2 transportation.
The national oil company added that collaboration is part of its efforts to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners.
“The feasibility studies undertaken through this collaboration will identify suitable technologies for the CCS and transportation value chain, bringing Petronas closer towards establishing Malaysia as a leading regional CCS solutions hub,” remarked Emry Hisham, Petronas’ head of carbon management.
Petronas is also working with Japan’s Mitsui OSK Lines (MOL) to study liquefied CO2 transportation, together with MOL’s partially owned CO2 specialist, Larvik Shipping.
Meanwhile, in South Korea, SHI’s shipbuilding rival Hyundai Heavy Industries has teamed up with compatriot owner Hyundai Glovis and class society ABS to develop the world’s largest CO2 carrier with a capacity of 74,000 cu m.