TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) announced that it concluded a Memorandum of Understanding (MoU) with Petroliam Nasional Berhad (PETRONAS), the state-owned energy company of Malaysia, to study liquefied CO₂ transportation required for carbon capture, utilization, and storage (CCUS) value chain.

Based on the MoU, MOL and PETRONAS will study liquefied CO₂ transportation for CCUS business within the Asia Pacific and Oceania region. MOL’s role includes studying specifications of liquefied CO₂ tankers from the standpoint of the entire CCUS value chain with the aim of establishing the optimal means of ocean transport for captured CO₂. Larvik Shipping is also being lined up to join the collaboration with Petronas by contributing its know-how on the safe transportation of the cargo.

“We are confident that MOL’s strong track record, coupled with its recent acquisition of Larvik Shipping AS which has safely transported CO2 for over 30 years, will position both Petronas and MOL as leaders in the region for long-haul transportation of liquefied CO2,” PETRONAS Executive Vice President & CEO, Adif Zulkifli said in a statement.

Liquefied CO₂ Ocean transport plays an important role in efficiently connecting capture sites and storage or usage sites to ensure the most effective use of the CCUS value chain. Transport of liquefied CO2 will contribute to the creation of a low-carbon and decarbonization society which aims to achieve group-wide net zero GHG emissions by 2050.