Japanese shipping giant Mitsui OSK Lines (MOL), Malaysian state energy firm Petronas and the country’s top shipping line, MISC, have launched a joint venture to build and operate liquefied carbon dioxide (LCO2) carriers.
The JV called Jules Nautica will aim to become a leading owner of LCO2 carriers, facilitating the transportation of LCO2 to designated CO2 storage sites across the Asia Pacific region, the companies said in a joint release.
The new company plans to work closely with both carbon-emitting industries and CO2 storage providers to create an integrated supply chain that addresses growing environmental and regulatory demands, the trio added.
The partners recently completed front-end engineering design (FEED) for a 62,000-cubic-meter LCO2 carrier, developed by the Shanghai Merchant Ship Design and Research Institute (SDARI). The vessel has received preliminary approval from DNV, positioning it as one of the most advanced low-pressure, low-temperature LCO2 carriers in the industry.
“This joint venture will play a crucial role in the transportation of LCO2, which is indispensable for cross-border CCS projects. The three companies coming together emphasize the need for collaboration within the industry to help realize CCS, said Takeshi Hashimoto, MOL’s president and CEO, adding that the collaboration will lead decarbonisation efforts beyond Malaysia and Japan and will “contribute to the realisation of a carbon-neutral society.”
In related news, K Line Energy Shipping (KLES), a London-based subsidiary of another Japanese shipowner Kawasaki Kisen Kaisha (K Line), and Singapore-based floater owner and operator Yinson Production, part of the Malaysian Yinson Group, announced a collaboration to develop floating storage and injection units (FSIUs) and LCO2 carriers for European CCS projects.