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Petronas, South Korean Companies to Explore Opportunities in Carbon Capture and Storage Value Chain

Petroliam Nasional Bhd (Petronas) has inked a memorandum of understanding (MOU) with six South Korean companies, to undertake conceptual and feasibility studies, towards establishing a full-value chain related to carbon dioxide (CO2) capture, transport and storage.

The six companies are Samsung Engineering Co Ltd, Samsung Heavy Industries, SK Earthon Co Ltd, SK Energy Co Ltd, GS Energy Corporation, and Lotte Chemical Co.

In a statement on Tuesday (Aug 2), Petronas said the MOU also involves the evaluation of potential CO2 storage sites in Malaysia, and the exploration of other areas across the carbon capture and storage (CCS) value chain, including the strengthening of cross-border CO2 transportation.

The national oil company said the collaboration is part of its efforts to build a sustainable portfolio, with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners.

“The feasibility studies undertaken through this collaboration will identify suitable technologies for the CCS and transportation value chain, bringing Petronas closer towards establishing Malaysia as a leading regional CCS solutions hub,” said Petronas carbon management head Emry Hisham.

Source: The Edge Markets

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