Malaysia's state energy firm Petronas said on Wednesday it has signed an agreement with Japanese shipping company Mitsui O.S.K Lines (MOL) to explore opportunities in liquefied carbon dioxide (CO2) shipping in Asia Pacific and Oceania regions.
Both parties will jointly study liquefied CO2 transportation for the carbon capture, utilization, and storage (CCUS) value chain, Petronas said in a statement.
Liquefied CO2 transportation helps connect CCUS sites safely and efficiently over long distances where pipelines are not economically viable.
"This collaboration is important as long-haul liquefied CO2 transportation plays an essential role in the CCUS value chain," said Petronas Executive Vice-President and Chief Executive Officer of Upstream Adif Zulkifli.
MOL and Norwegian ship management company Larvik Shipping AS, which operates liquefied CO2 vessels for food-grade CO2, will contribute their expertise to the study, Petronas said.
(Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips)