JX Nippon Oil & Gas Exploration Corporation (JX), Nippon Yusen Kabushiki Kaisha (NYK) and its affiliate Knutsen NYK Carbon Carriers AS (KNCC) signed a memorandum of understanding (MoU) on March 15 to jointly study the optimization of carbon dioxide (CO2) liquefaction and storage processes using KNCC's proprietary technology Cargo Tank Cylinders (CTC), according to NYK's release.
This study aims to optimize the CO2 transportation system using CTC by utilizing the characteristics of the EP (elevated pressure) method, which stores and transports liquefied CO₂ at higher temperatures and pressures than the LP (low pressure) and MP (medium pressure) methods.
This study is expected to solve the problems in the CCUS value chain, such as capital investment, energy consumption, and environmental impact. The three companies will conduct optimization verification by the latter half of 2024 using CTC's demonstration facility "test rig" owned by KNCC in Norway and, based on the verification results, will study the possibility of social implementation in concrete terms.