NYK has agreed to acquire a 30% interest in Norway's Trudvang CCS project from Vår Energi, expanding its carbon capture and storage activities beyond marine transportation into offshore CO2 injection and storage.
NYK signed a sale and purchase agreement with Vår Energi CCS to acquire a 30% partnership interest in Trudvang CCS ANS, the project operator, and a corresponding 30% participating interest in CO2 storage exploration license EXL007.
The interests will be held through a wholly owned subsidiary that NYK plans to establish in Norway. Completion remains subject to regulatory approvals and other customary closing conditions.
The Trudvang project is being developed on the Norwegian Continental Shelf under EXL007 and is intended to transport CO2 captured from industrial emitters in Europe for injection and permanent storage in an offshore geological formation.
Technical and commercial studies are underway ahead of potential commercialization.
Vår Energi currently operates the project, with INPEX Idemitsu Norge participating as a partner. NYK will join the project as a partner following completion of the transaction.
NYK has already been developing liquefied CO2 transportation through Knutsen NYK Carbon Carriers, its 50-50 joint venture with the Knutsen Group.
The Trudvang investment will broaden its involvement in the CCS value chain to include offshore handling, injection and geological storage, while allowing the company to build technical and commercial experience in CO2 transport and storage.