KUALA LUMPUR, 29 June 2022 – PETRONAS has signed a Memorandum of Understanding (MoU) with Mitsui & Co., Ltd. (Mitsui & Co.) for the conceptual and feasibility studies on carbon capture and storage (CCS) value chain, including the evaluation of carbon dioxide (CO2) storage sites in Malaysia.
The MoU was signed in a virtual ceremony on 13 June 2022 by PETRONAS Head of Carbon Management, Emry Hisham and Mitsui & Co. General Manager of Sustainability Energy Development Division Energy Business Unit I and Head of Mitsui Global E&P Group, Yasuchika Maruyama.
Under the MoU, both parties will evaluate potential CO2 storage sites offshore Peninsular Malaysia in line with PETRONAS’ aim to establish Malaysia as a CCS regional hub in the Asia Pacific. The scope of collaboration covers the evaluation of other CCS value chain, capturing and gathering strategy of CO2 from various industries, competitive transportation of the CO2 and emerging technology in direct air capture. PETRONAS and Mitsui & Co. will leverage the combined strength, network and expertise of both companies to progress in these areas.
Emry said, “Through this collaboration, PETRONAS can leverage on Mitsui & Co.’s experience in its CCS project in the United Kingdom, which is the first CO2 appraisal and storage license issued by the United Kingdom’s Oil and Gas Authority. We are confident that the feasibility studies will bring about valuable contribution in unlocking CCS potential in Malaysia. This is one of the many efforts to establish Malaysia as a leading CCS solutions hub in the region.”
This collaboration is part of PETRONAS’ deliberate steps to build a sustainable portfolio to support the transition towards climate change and subsequently participate in lower carbon energy play, through collaborative efforts with industry partners.