Mitsui O.S.K. Lines, Ltd. (MOL) and Bapco Energies B.S.C. (Bapco Energies) have announced the signing of a Memorandum of Understanding (MoU) for development of cross border carbon dioxide (CO2) transport and sequestration.
Through joint studies, MOL and Bapco Energies will work on the construction of a carbon dioxide capture and storage (CCS) value chain consisting of CO2 separation, collection, transport, injection, and storage.
The first study, according to MOL, would look at the estimated cost of CO2 for using Bapco Energies’ permanent CO2 storage in the Kingdom of Bahrain, including the cost of receiving CO2 at the CO2 receiving port and the unit cost of liquified CO2 travel by ship.
The second study would undertake collaborative research of potential markets in Asia Pacific locations, for example, as well as negotiate future corporate structure in good faith.
Takeshi Hashimoto, President and CEO of MOL, said: “As a developer and a provider of a variety of social infrastructure business in addition to traditional shipping, MOL is honoured and excited to have an opportunity to collaborate with Bapco Energies.
“We believe there is a significant synergy in our cooperation to create CCS value chain, also to become a bridge between the Kingdom of Bahrain and Asia-Pacific regions.”
Mark Thomas, Group CEO of Bapco Energies, stated: “We have recently concluded a study confirming that the Kingdom of Bahrain’s CO2 storage capacity exceeds its needs to meet its net-zero target by 2060.
“This opened exciting opportunities for us, including the development of cross-border CO2 transportation and storage. This collaboration with MOL underscores our unwavering dedication to achieving a low-carbon future in line with the Kingdom of Bahrain’s climate targets.”