PETRONAS, MISC and MOL Announce Landmark Joint Venture to Advance Cross-Border CO2 Transportation

Kuala Lumpur, 17 June 2025 – PETRONAS CCS Ventures Sdn. Bhd. (PCCSV), MISC Berhad (MISC), and Mitsui O.S.K. Lines, Ltd., (MOL) today announced the incorporation of a strategic joint venture (JV), Jules Nautica Sdn. Bhd. This JV will lead the development and act as the ultimate owner of Liquefied Carbon Dioxide (LCO₂) carriers, which are 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 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 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.

Emry Hisham Yusoff, PCCSV’s Chief Executive Officer 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.”

Zahid Osman, President & Group CEO of MISC said, “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. 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.”

Takeshi Hashimoto, MOL’s President & CEO added, “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 emphasise the need for collaboration within the industry to help realise CCS. Furthermore, this collaboration will lead decarbonisation efforts across the Asia-Pacific region beyond Malaysia and Japan and will contribute to the realisation of a carbon-neutral society.”

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.