Petronas, MISC and MOL debut LCO2 carrier JV

Petronas CCS Ventures, part of Malaysia’s state-owned energy giant Petronas, compatriot shipowner MISC Berhad and Japanese shipping company Mitsui O.S.K. Lines (MOL) have incorporated a strategic joint venture to develop and acquire liquefied carbon dioxide (LCO2) carriers.

The JV, Jules Nautica, will lead the development and act as the ultimate owner of LCO₂ carriers, which are critical for transporting LCO₂ to designated storage sites as part of advancing carbon capture and storage (CCS) solutions.

In May last year, the trio signed an agreement to launch the business collaboration.

The three parties have recently completed the front-end engineering design (FEED) for a 62,000 cubic meter LCO2 carrier, which was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI).

In December 2024, this jointly developed design received the general approval for ship application (GASA) certification from Norwegian class society DNV, establishing it among the most developed low pressure low temperature LCO2 carrier designs in the industry.

Focused on supporting future CCS projects across the Asia Pacific region, the JV is expected to play a key role in completing the CCS value chain. Through strategic commercial agreements with CO2-emitting industries and storage companies, this partnership will provide a critical cross-border solution to meet growing environmental and regulatory needs.

“This joint venture marks a pivotal step forward in our collective mission of advancing decarbonisation efforts in the region. By leveraging the strengths of PCCSV, MISC, and MOL, we are progressing the development of LCO2 carriers and working towards more efficient shipping solutions. This collaboration highlights our focus on responsible innovation,” Emry Hisham Yusoff, PCCSV’s Chief Executive Officer, commented.

“The energy transition is not just about adapting; it is about #deliveringProgress. We believe that meaningful progress requires collaboration with like-minded partners who share our vision for a more sustainable future. Our partnership with PETRONAS and MOL on LCO2 shipping is aligned with our strategic focus on advancing low-carbon solutions, as we work collaboratively to accelerate the maturation of technologies across the CCS value chain,” Zahid Osman, President & Group CEO of MISC, highlighted.

“When it comes to building a sustainable energy future, we all have a role to play in connecting the dots between challenge and solution. Initiatives like these reflect the direction we are taking, as we continue to explore and forge partnerships that will advance the development of low-carbon solutions and ensure our maritime pathways remain integral to a sustainable energy landscape.”

“This joint venture will play a crucial role in the transportation of LCO2, which is indispensable for cross-border CCS projects. The three companies coming together emphasize the need for collaboration within the industry to help realize CCS. Furthermore, this collaboration will lead decarbonization efforts across the Asia-Pacific region beyond Malaysia and Japan and will contribute to the realization of a carbon-neutral society,” Takeshi Hashimoto, MOL’s President & CEO, added.

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