Mitsui O.S.K. Lines (MOL) has signed an MOU with JX Nippon Oil & Gas Exploration (JX) to establish a CO₂ capture and storage (CCS) value chain between Japan and Australia.
The collaboration aims to transport CO₂ from Japan to Australia for underground storage, marking a significant step towards carbon neutrality.
Mitsui said that the MOU outlines a strategy for capturing CO₂ emissions from the ENEOS refinery and other industries in Japan, transporting the gas via CO₂ carriers to Australia’s Port of Bonython, and sequestering it in a geological formation.
The partnership will focus on assessing the feasibility of the project, including the selection of a suitable liquefied CO₂ carrier and the estimation of transport costs and overall expenses for the CCS value chain.
MOL will concentrate on the maritime aspects while JX will primarily handle the cost estimation for the entire CCS value chain.
Both companies will contribute their expertise to ensure the project’s viability and success.
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Through this agreement, MOL and JX are set to expedite their efforts in constructing a CCS value chain, which is pivotal in the global movement towards reducing carbon emissions.
Recently, the Polish Government-backed Gaz-System selected Mitsui O.S.K. Lines to supply a floating storage regasification unit (FSRU).
Due to be moored at a platform around 3km offshore near the Port of Gdansk, between the Vistula River branches of Śmiała and Martwa, the proposed FSRU will serve as a regasification terminal for liquefied natural gas.