Petronas Partners With Mitsui on Liquefied CO2 Transport
Malaysian energy giant Petronas has signed a memorandum of understanding with Japanese shipping major Mitsui O.S.K. Lines for liquefied carbon dioxide (CO2) transport.
The two companies aim to jointly explore the opportunities within the liquefied CO2 transportation for the carbon capture, utilization, and storage (CCUS) value chain in Asia Pacific and Oceania.
The deal was struck on January 7, during a virtual ceremony. Signatories were Petronas executive vice president and chief executive officer of Upstream Adif Zulkifli and Mitsui president and chief executive officer, Takeshi Hashimoto.
“Petronas continuously explores opportunities to reduce carbon emissions in our operations. This collaboration is important as long-haul liquefied CO2 transportation plays an essential role in the CCUS value chain. We are confident that Mitsui’s strong track record, coupled with its recent acquisition of Larvik Shipping which has safely transported CO2 for over 30 years, will position both Petronas and Mitsui as leaders in the region for the long-haul transportation of liquefied CO2,” Zulkifli said.
Petronas has put its focus towards building a resilient and sustainable portfolio aligned with its growth strategy. The strategy entails delivering effective solutions with a lower carbon footprint through commercial and operational excellence, renewable energy generation, and technology innovations. Petronas supports the transition towards lower-carbon energy sources by applying technology that lowers emissions across the value chain, which includes carbon capture, transport, and storage.
Mitsui, with Larvik Shipping, which is one of the few companies in the world qualified to operate liquefied CO2 vessels for food-grade CO2, will contribute its expertise in the safe transportation of liquefied CO2. Liquefied CO2 transportation safely and efficiently connects CCUS sites over long distances where pipelines are not economically viable.
Mitsui acquired Larvik Shipping in March last year, entering the liquefied CO2 market for the first time. In November 2021, Mitsui, in cooperation with Mitsubishi Shipbuilding completed a concept study of multiple hull forms for a liquefied CO2 carrier that could become a mainstream vessel in the LCO2 shipping market soon.
To flexibly cope with the volume of cargo transported, the total cargo tank capacity up to around 1,76 million cubic feet was designed with consideration of different tank pressure settings.
Also, to flexibly respond to customer needs based on the entire value chain, Mitsui has vowed to make rapid efforts to realize a larger LCO2 carrier with a high degree of difficulty and develop a variety of ship types.
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