MOL, Petronas, MISC set to develop liquefied CO2 carriers

Mitsui O.S.K. Lines, Ltd. (MOL) has reached an agreement with Petronas CCS Ventures Sdn Bhd and MISC Berhad (MISC) to explore a joint venture for investing in liquefied carbon dioxide (LCO2) carriers for CCS projects.

MOL, Petronas CCS Ventures, and MISC said they will move forward to reach a definitive agreement for the incorporation of the joint venture.

READ: MOL, Shell partner to develop decarbonisation in maritime industry

The agreement was signed by MOL Executive Officer, Yasuchika Noma, PETRONAS CCS Ventures CEO, Emry Hisham bin Yusoff, and MISC Vice President GAS Assets & Solutions, Hazrin Hasan.

MOL Executive Vice President and COO Toshiaki Tanaka, Petronas Executive Vice President and CEO Upstream, Datuk Adif Zulkifli and MISC President and Group CEO Captain Rajalingam Subramaniam witnessed the signing of the agreement.

Through further collaboration with Petronas CCS Ventures and MISC, MOL aims to build CCS value chain swiftly, contributing to the achievement of a carbon-neutral society.

In June 2023, MOL and Chevron Singapore PTE. LTD. signed a Memorandum of Understanding (MoU) to reduce the carbon intensity of their maritime energy industries.

That same month, MOL announced a leasing deal for three new LNG carriers under construction at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd.