MOL, JX develop carbon capture value chain

MOL, JX ink MoU for development of cross border CCS Value Chain

Mitsui O.S.K. Lines, Ltd. (MOL) aDnd JX Nippon Oil & Gas Exploration Corporation (JX) have signed a Memorandum of Understanding (MoU) to develop a Carbon dioxide Capture and Storage (CCS) value chain between Japan and Australia.

The MoU also includes marine transport of carbon dioxide (CO2).

The agreement reportedly focuses on the establishment of a CCS value chain by capturing CO2 emitted from ENEOS refinery and nearby various industries in Japan, transporting it by CO2 carrier to the Port of Bonython in Australia, and injecting and storing it at the selected storage site.

MOL and JX will jointly conduct the following studies:

  1. To select a liquefied CO2 carrier suitable for conditions at ports in Japan and Australia and the expected CO2 transport distance and volume, and estimation of marine transport costs.

2. To estimate the cost of the entire CCS value chain between Japan and Australia.

MOL will focus mainly on item 1 while JX’s role will centre on item 2.

READ: MOL joins forces with Japanese wind turbine firm

Through the MoU, MOL and JX aim to accelerate their initiatives to build a CCS value chain and contribute to the realisation of a carbon-neutral society.

MOL announced late last year that it will issue ‘blue bonds’ through a public offering in Japan’s domestic market early next year.

More recently, MOL announced it will charter a Floating Storage and Regasification Unit (FSRU) for the LNG import terminal in the Gulf of Gdańsk, Poland.

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