Mitsui O.S.K. Lines, Ltd. and Bapco Energies B.S.C. announced the signing of a memorandum of understanding (MoU) for development of cross border carbon dioxide (CO2) transport and sequestration with the goal of establishing a carbon dioxide capture and storage (CCS) value chain, where MOL provides marine transportation of liquified CO2 and Bapco Energies provides the sequestration sites, according to the company's release.
CCS is regarded as one of the most effective solutions to realize a low-carbon/decarbonized society. MOL and Bapco Energies will collaborate on the future establishment of a CCS value chain consisting of separation, capture, transport, injection and storage of CO2 through the following studies.
To conduct the study of the estimated cost of CO2 for using the permanent CO2 storage owned and operated by Bapco Energies in the Kingdom of Bahrain, including the receiving cost of CO2 at the CO2 receiving terminal, and the unit cost of liquified CO2 transportation by ship.
To jointly conduct the study of the potential markets in Asia Pacific regions for instance, and to discuss in good faith future business structure.
The MOL Group Vision is to develop a variety of social infrastructure businesses in addition to traditional shipping, and will meet evolving social needs, including environmental conservation, with innovative technology and services.