Japanese shipping major Nippon Yusen Kaisha (NYK) has signed a sale and purchase agreement with Vår Energi CCS to acquire a 30% interest in the operator of the Trudvang carbon capture & storage (CCS) project and a corresponding 30% interest in CO2 storage exploration license EXL007 in Norway.
NYK plans to establish a wholly owned subsidiary in Norway for the completion of the transaction, subject to regulatory approvals and other customary closing conditions.
The subsidiary shall, upon completion of the transfer, acquire from Vår Energi a 30% partnership interest in Trudvang CCS ANS and a corresponding 30% participating interest in EXL007, joining the project as a partner.
"Participation in the Project will enable the NYK Group to expand beyond marine transportation and build capabilities across the broader CCS value chain. Through its participation in a CCS project under development in Europe, NYK Group aims to accumulate practical knowledge and expertise in project development as well as the technical and commercial aspects of the transport and storage business," NYK said.
The project aims to develop a transport and storage business that will transport CO2 captured from industrial emitters in Europe for injection and permanent storage in an offshore geological formation. Technical and commercial studies are currently underway, ahead of the project's commercialization.
Vår Energi is the operator, with INPEX Idemitsu Norge participating as a partner.