MOL, Petronas team up for LCO2 transportation
Japanese shipping major Mitsui O.S.K. Lines (MOL) has signed a memorandum of understanding (MoU) with Malaysian energy company Petronas to study liquefied CO2 (LCO2) transportation for carbon capture, utilisation and storage (CCUS) value chain.
Under the MoU, the parties will look into liquefied CO2 transportation for CCUS business within the Asia Pacific and Oceania region.
For its part, MOL will study specifications of LCO2 tankers from the standpoint of the entire CCUS value chain. The aim is to establish the optimal means of ocean transport for captured CO2.
Additionally, the Norwegian Larvik Shipping, which has a 30-year-experience in managing LCO2 tankers, will join the study to contribute its know-how on the safe transport of LCO2.
To remind, MOL marked its entrance into the LCO2 ocean transport by investing in Larvik Shipping back in March 2021.
The company is also participating in research into the potential for large-scale CO2 carriers as part of a wider initiative led by Japan’s New Energy and Industrial Technology Development Organization (NEDO). The project is expected to last from 2021 to 2026, with MOL focusing on the development of the large-size liquefied CO2 carrier to be put into practical use.
Looking ahead, the company plans to further accelerate its initiative on ocean transport of LCO2 to contribute to the creation of a low-carbon and decarbonised society. It aims to achieve group-wide net-zero greenhouse gas emissions by 2050, as stated in “MOL Group Environmental Vision 2.1.“
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