PETRONAS, Japan to collaborate on cross-border CO2 transportation for CCS projects
(WO) – PETRONAS recently signed a Memorandum of Cooperation (MoC) with Japan’s Ministry of Economy, Trade and Industry (METI) and Japan Organization for Metals and Energy Security (JOGMEC) to strengthen collaboration on cross-border CO2 transportation from business to business for carbon capture and storage (CCS) projects.
CCS is one of the solutions to significantly reduce CO2 emissions into the atmosphere. However, as suitable storage sites are not available in all regions, cross-border CO₂ transportation is required to enable regional collaborations to achieve attainable and significant affect.
The MoC seeks to strengthen the cooperation on cross boundary CCS projects between Japan and Malaysia, taking into consideration the common interest in building a CCS value chain and business model for future carbon neutrality to enhance economic, industrial and social development.
The MoC also seeks to facilitate the exchange of key information on CCS between PETRONAS and relevant Japanese industries, including exchanges of information on country specific laws and regulations relating to CCS. The parties may also explore CCS and related cooperation with key partners including Japanese companies supported by JOGMEC.
PETRONAS is championing CCS as a key solution in addressing emission from its operation as well as local industries. Recognising the importance of regional collaboration in addressing climate change, PETRONAS continues to form strategic partnerships as part of its deliberate steps in building a resilient and sustainable portfolio, while accelerating its NZCE 2050 pathway.