Mitsui O.S.K. Lines, Ltd. (MOL) and JX Nippon Oil & Gas Exploration Corporation (JX) have signed a memorandum of understanding (MoU) to create a Carbon dioxide Capture and Storage (CCS) value chain connecting Japan and Australia, according to the company's release.
The collaboration aims to capture CO2 emissions from ENEOS refinery and other industries in Japan, transport it via CO2 carrier to the Port of Bonython in Australia, and store it in a selected storage site.
The joint efforts include selecting a suitable liquefied CO2 carrier, estimating transport costs, and evaluating the entire CCS value chain's cost.
This initiative aligns with the goal of achieving a carbon-neutral society and promoting decarbonization in challenging industrial sectors.