Mitsui O.S.K. Lines, Ltd. will be contracted by West Japan Carbon dioxide Storage Survey Co., Ltd., ENEOS Corporation, Electric Power Development Co., Ltd., and JX Nippon Oil & Gas Exploration Corporation to study the use of ships to transport liquefied CO2 as part of a carbon capture and storage (CCS) development project off western Kyushu, according to the company's release. The research is commissioned by the Japan Organization for Metals and Energy Security for fiscal year (FY) 2024 as the "Engineering Design Work for Advanced CCS Projects."
Japan has set a carbon neutrality goal by 2050, and its "GX Promotion Strategy" sets out a policy to develop a business environment for the start of CCS projects by 2030. As part of this initiative, the Ministry of Economy, Trade and Industry (METI) and JOGMEC are launching projects with the potential for large-scale operations as "Advanced CCS projects." They are providing integrated support for the entire value chain, from CO2 separation, capture, transport, to storage.
As Japan's first large-scale CCS project last fiscal year, ENEOS, J-Power and JX were commissioned by JOGMEC to conduct the "Study on Implementation of an Advanced CCS Project" for the offshore Kyushu West CCS project. MOL conducted an initial study of the voyage plan for a liquefied CO2 carrier, estimated marine transport costs, and identified risks and issues in low-temperature, low-pressure transportation. The Kyushu West Offshore CCS project has been selected as an "Advanced CCS Projects" for FY2024, and MOL's commission to conduct this study will continue this year.
During FY2024, MOL will conduct the subsequent phases of the feasibility study, including the study of vessels to be used for CO2 transport and the identification of major risks and issues in liquefied CO2 transport, with the aim of starting the practical implementation of a domestic CCS value chain by FY2030.
The MOL Group Vision is to develop a variety of social infrastructure businesses in addition to traditional shipping businesses, and will meet evolving social needs, including environmental conservation, with innovative technology and services. This project is in line with the expansion of offshore and non-shipping businesses set forth in the "BLUE ACTION 2035" management plan and the strategy of "Expanding low-carbon/decarbonized business by leveraging the group's collective strengths" in the MOL Group Environmental Vision 2.2, in addition to the MOL Group Vision.
