Regional CCS: PETRONAS, MISC, and MOL launch JV on cross-border CO2 transport

By Romel S. Gurky

PETRONAS CCS Ventures Sdn. Bhd. (PCCSV), MISC Berhad (MISC), and Mitsui O.S.K. Lines, Ltd. (MOL) have announced the formation of a new strategic joint venture (JV), Jules Nautica Sdn. Bhd. This JV aims to develop and own Liquefied Carbon Dioxide (LCO₂) carriers, essential for transporting CO₂ to designated storage sites as part of carbon capture and storage (CCS) efforts.

The three companies have completed the Front-End Engineering Design (FEED) for a 62,000 cubic meter LCO₂ carrier, which was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI). In December 2024, the design received the General Approval for Ship Application (GASA) certification from DNV, making it one of the most advanced low-pressure, low-temperature LCO₂ carrier designs in the industry, PETRONAS said in a statement on Tuesday.

The new JV will lead efforts in facilitating the safe and efficient transport of LCO₂ to storage sites, supporting future CCS projects across the Asia Pacific region. This collaboration aims to complete the CCS value chain by offering a critical cross-border solution, addressing the growing environmental and regulatory needs of CO₂-emitting industries.

Read also: Regional CCS: MISC in LCO2 vessels JVA with PETRONAS and Mitsui

Emry Hisham Yusoff, CEO of PCCSV, emphasized, “This JV marks a pivotal step forward in advancing decarbonisation in the region. By leveraging the strengths of PCCSV, MISC, and MOL, we are progressing LCO₂ carrier development and working towards more efficient shipping solutions.”

Zahid Osman, President & Group CEO of MISC, highlighted the importance of collaboration in driving low-carbon solutions, stating, “We believe that meaningful progress requires collaboration with like-minded partners. Our partnership on LCO₂ shipping aligns with our focus on advancing low-carbon solutions and accelerating CCS technologies.”

Takeshi Hashimoto, President & CEO of MOL, also underscored the significance of the JV in advancing CCS projects. “This collaboration will play a crucial role in decarbonisation efforts across the Asia-Pacific region and contribute to the realization of a carbon-neutral society,” he said.

Editing by Alexander Ginting