Mitsui O.S.K. Lines, Ltd. (MOL) and JX Nippon Oil & Gas Exploration Corporation have entered into an agreement, marking a significant step towards advancing Carbon Dioxide Capture and Storage (CCS) initiatives between Japan and Australia. The memorandum of understanding (MoU) between MOL and JX aims to establish a comprehensive CCS value chain, encompassing the marine transportation of carbon dioxide (CO2).
The focus of the MoU is to create a robust CCS infrastructure, starting from the capture of CO2 emissions from the ENEOS refinery and neighboring industries in Japan. This captured CO2 will then be transported via specialized carriers to the Port of Bonython in Australia for injection and storage at selected sites.
Key studies outlined in the MoU include:
- Selection of liquefied CO2 carriers suitable for port conditions in Japan and Australia, along with estimations of transport distances, volumes, and associated costs.
- Estimation of the overall cost of implementing the CCS value chain spanning between Japan and Australia.
MOL will primarily lead efforts related to item (1), while JX will undertake responsibilities concerning item (2).
CCS technology, pivotal in mitigating industrial emissions by securely storing CO2 underground, presents a viable pathway towards achieving carbon neutrality, particularly in sectors where transitioning to renewable energy remains challenging.
Through this collaborative initiative, MOL and JX are poised to accelerate the development of the CCS value chain, playing a pivotal role in driving towards a carbon-neutral society.
MOL Group’s overarching vision extends beyond conventional shipping, aiming to cultivate diverse social infrastructure businesses that cater to evolving societal needs, including environmental sustainability. Aligning with this vision, the CCS/CCUS business exemplifies MOL’s commitment to expanding low-carbon and decarbonized ventures, as outlined in the BLUE ACTION 2035 management plan and the MOL Group Environmental Vision 2.2.
Similarly, JX views CCS as a strategic pillar alongside its conventional oil and gas activities, reflecting a commitment to environmentally friendly operations. Notably, JX’s involvement in the Petra Nova CCUS project in Texas underscores its leadership in commercializing CCS technologies. Leveraging its expertise in various CCS/CCUS ventures, JX aims to play a pivotal role in realizing a carbon-neutral society.
Source Mitsui O.S.K. Lines