Malaysia’s state-owned energy giant PETRONAS, through its wholly-owned subsidiary PETRONAS CCS Ventures, has teamed up with compatriot shipowner MISC Berhad and Japanese shipping major Mitsui O.S.K Lines (MOL) on the development and commercialization of Liquefied Carbon Dioxide (LCO2) carriers.
The three industry heavyweights signed a term sheet for the potential incorporation of a joint venture entity to invest in developing and monetizing LCO 2 carriers intended for carbon capture and storage (CCS) projects in Malaysia. The trio has also agreed in principle on the key commercial terms to allow progress to the next stage.