TOKYO, September 26 – PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures), a wholly-owned subsidiary of PETRONAS, has entered into a Term Sheet with Mitsui O.S.K Lines, Ltd. (MOL) and MISC Berhad to explore the formation of a joint venture for the development and commercialization of Liquefied Carbon Dioxide (LCO2) carriers dedicated to Carbon Capture and Storage (CCS) projects in Malaysia. The parties have reached preliminary agreements on key commercial terms to advance to the next phase.
This development builds upon the Memorandum of Understanding (MOU) signed in February 2022 with MOL and the subsequent Approval in Principle (AiP) granted in June 2023 for the conceptual design of the LCO2 carriers, marking another significant step in PETRONAS’ pursuit of Net Zero Carbon Emissions by 2050 through CCS. The signing ceremony was attended by PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli; PETRONAS Head of Carbon Management and Chief Executive Officer of PETRONAS CCS Ventures, Emry Hisham Yusoff; MOL Executive Vice President and Chief Operating Officer, Toshiaki Tanaka; and MISC President/Group Chief Executive Officer, Captain Rajalingam Subramaniam.
Speaking on behalf of PETRONAS, Adif emphasized, “LCO2 carriers play a vital role in the CCS value chain, connecting customers to carbon capture sites and storage facilities. Our collaboration with MOL and MISC represents a powerful synergy of expertise, resources, and shared values. By combining our strengths, we can facilitate the development and secure the transportation of liquefied CO2 in a safe and sustainable manner.”
Rajalingam of MISC added, “We are delighted to partner with PETRONAS and MOL in this strategic venture. It aligns perfectly with our vision for a just transition, where responsible practices take the lead in managing societal emissions. As a forward-thinking shipowner, MISC is well-prepared to contribute the technical expertise required for LCO2 shipping, a critical component of the carbon capture and storage value chain. We once again urge the maritime and other hard-to-abate industries to collaborate for the betterment of communities. Viable solutions for managing societal emissions are within reach.”
This partnership further underscores PETRONAS’ dedication to establishing Malaysia as a prominent regional hub for CCS. In line with its strategic objectives, the Group actively collaborates with industry partners and takes purposeful steps to expedite the development of a sustainable energy portfolio that prioritizes responsible practices.
