Under the agreement, the companies will undertake a development study for the CCS value chain, focusing on the CO₂ emitted by industries in Singapore.
The work will focus on the transportation of CO₂ from a Vopak terminal for potential injection into the Petronas-developed regional storage hubs.
Vopak said that the CO₂ emissions aggregation from various emitters in the Southeast Asia region forms part of the feasibility study.
The firms also plan to invest in the development of CCS value chain solutions to support the transition to a low carbon future.
Vopak Asia and Middle East president Chris Robblee said: “We are excited about this project with our long-term partner Petronas to jointly collaborate. This is well aligned with our commitment to support the energy transition through development of CO₂-infrastructure for sustainable energy solutions and the decarbonisation of the industry.”
In a press statement, Vopak said: “Locations without an abundance of underground geologic reservoirs would have to transport the captured CO₂ to these suitable reservoirs.”
Earlier this year, Bloomberg News reported that Petronas is seeking bids for its upstream assets in Africa to raise as much as $3bn.
The upstream assets considered for sale are expected to attract interest from international energy companies or financial investors, reported the news agency, citing people familiar with the development.