Asian trio forms joint venture to develop LCO2 carriers

Japanese shipping company Mitsui O.S.K. Lines (MOL), Malaysian state-owned energy company Petronas and logistic firm MISC Berhad (MISC) have established a joint venture to develop and monetise liquefied carbon dioxide (LCO2) carriers for carbon capture, utilisation and storage (CCUS) projects.

PHOTO: (Front row from left to right) MOL’s executive officer Yasuchika Noma, Petronas CCS Ventures chief executive Emry Hisham bin Yusoff and MISC vice president Hazrin Hasan at the deal signing. MOL

The joint venture follows a deal between MOL and Petronas in February to study LCO2 transportation as part of a value chain for CCUS.

In June, MOL revealed that its LCO2 carrier concept has received approvals from classification societies DNV and ABS. The concept was jointly developed by MOL, Petronas and the China-based Shanghai Merchant Ship Design & Research Institute (SDARI).

ABS also recently approved MOL's LCO2 floating storage and offloading (FSO) unit. An FSO is a floating facility that can receive, store, and offload cargo offshore.

“MISC recently became a partner in this collaboration and will cooperate with MOL in the study of development of various transport methods, mainly LCO2 carriers, as well as the optimal business model through a shipowner JV with the aim of establishing the way toward a flexible approach to various transport needs in the future,” MOL says.

By Tuhin Roy

Please get in touch with comments or additional info to news@engine.online