MOL links up with Cosmo Oil to work on ocean transport as part of CCS value chain
Japanese shipowner Mitsui O.S.K. Lines (MOL) and compatriot company Cosmo Oil have joined forces by signing a Memorandum of Understanding (MoU) to study ocean transport, with the goal of establishing a carbon dioxide capture and storage (CCS) value chain.
As explained, 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).
Furthermore, the companies plan to conduct the following studies:
- Outline specifications of liquefied CO2 carriers suitable for the distance from the emission sources to the candidate storage sites in Japan and abroad, and the expected transport volume;
- Estimate of ocean transport costs based on the results of the study mentioned above;
- Further possible collaborations on any potential projects on CCS, CO2 capture, separation, ocean transport, and reuse.
MOL’s vision is to develop a variety of social infrastructure businesses in addition to traditional shipping and meet evolving social needs, including environmental conservation, with innovative technology and services.
Recently, the company partnered with Malaysia’s state-owned energy giant PETRONAS and shipowner MISC Berhad to work on the development and commercialization of liquefied carbon dioxide (LCO2) carriers.
Since February 2022, MOL and PETRONAS have been studying optimal methods of ocean transport for LCO2 within the Asia Pacific and Oceania region. With the assistance of SDARI, the joint project completed the concept study for LCO2 carriers and FSO units.