Japanese shipping firm Mitsui O.S.K. Lines (MOL) and JX Nippon Oil & Gas Exploration Corporation (JX) have signed a memorandum of understanding (MoU) to develop a carbon capture and storage (CCS) value chain between Japan and Australia, including CO2 marine transport.
The MoU focuses on the establishment of a CCS value chain by capturing CO2 emitted from ENEOS refinery and nearby various industries in Japan, transporting it by CO2 carrier to the Port of Bonython in Australia, and injecting and storing it at the selected storage site.
MOL and JX will jointly conduct studies to select a liquefied CO2 carrier suitable for conditions at ports in Japan and Australia and the expected CO2 transport distance and volume, along with estimation of marine transport costs.
The partners will also work on assessing the cost of the entire CCS value chain between Japan and Australia.
CCS is a technology that separates and captures CO2 emitted from industrial activities and stores it in a stable underground geological formation.
It represents an effective means to realize a carbon neutral society, and is attracting attention as a realistic approach to promote decarbonization, especially in industrial sectors where the transition to renewable energy is difficult.