PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures), a wholly-owned subsidiary of PETRONAS has signed a Term Sheet with Mitsui O.S.K Lines, Ltd. (MOL) and MISC Berhad for the potential incorporation of a joint venture entity to invest in developing and monetising Liquefied Carbon Dioxide (LCO2) carriers for Carbon Capture and Storage (CCS) projects in Malaysia. The parties have agreed in principle on the key commercial terms to allow progress to the next stage, according to the company's release.
Building on the February 2022 Memorandum of Understanding (MOU) signed with MOL and the four Approval in Principle (AiPs) for the conceptual design of the LCO2 carriers in June 2023, the Term Sheet marks another milestone for the positioning of CCS as a key lever in PETRONAS’ Net Zero Carbon Emissions by 2050 ambition.
This partnership further reinforces PETRONAS' commitment in establishing Malaysia's potential as a prominent regional hub for CCS. In line with its strategic objectives, the Group actively collaborates with industry partners, taking deliberate actions to accelerate the development of a sustainable energy portfolio that prioritises responsible practices.