4 days ago
PETRONAS, MISC and MOL to advance cross-border CO2 transportation
The three parties have recently completed the front-end engineering design (FEED) for a 62,000 cubic metre LCO2 carrier, which was awarded to SDARI.
KUALA LUMPUR: PETRONAS CCS Ventures Sdn Bhd (PCCSV), MISC Berhad (MISC), and Mitsui OSK Lines, Ltd (MOL) together announced the incorporation of a strategic joint venture (JV) to lead the development and act as the ultimate owner of liquefied carbon dioxide (LCO₂) carriers.
The JV, named Jules Nautica Sdn Bhd, is critical for transporting LCO₂ to designated storage sites as part of advancing carbon capture and storage (CCS) solutions.
The three parties have recently completed the front-end engineering design (FEED) for a 62,000 cubic metre 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 DNV, establishing it among the most developed Low Pressure Low Temperature LCO2 carrier designs in the industry.
The JV aims to become a leading owner of LCO2 carriers, facilitating the safe and efficient transportation of LCO2 to designated CO₂ storage sites.
Focused on supporting future CCS projects across the Asia Pacific region, the JV will also 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.
PCCSV's chief executive officer Emry Hisham Yusoff added, '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.'
The joint venture recognises the critical role of cross-border collaboration in addressing our mutual goal in transitioning the region responsibly towards a low-carbon future.
Representatives from PETRONAS, MOL, and MISC collectively form the Board of Directors of Jules Nautica. CCS liquified carbon dioxide Petronas
