Petronas’ subsidiary, marine giant MISC, is advancing its endeavours across the carbon capture and storage value chain.
MISC has teamed up with various international partners to explore opportunities for CCS in the offshore and maritime value chain including developing floating solutions, identifying storage hubs, and the development of carbon capture equipment and parts.
The partnership with South Korea’s Samsung Heavy Industries, covers the joint development of the engineering, procurement and construction (EPC) of the floating carbon dioxide solutions to facilitate and support the optimisation of offshore CCS projects by combining each contractor’s “expertise, experience and resources”, noted MISC.
“Carbon capture and storage technologies as well as related infrastructure, are pivotal measures to support and accelerate the transition towards a low-carbon future. Strategic collaborations with global stakeholders have always been our approach, and we will continue forging partnerships in the development and commercialisation of the carbon capture and storage value chain,” said MISC chief executive Rajalingam Subramaniam.
Under a memorandum of understanding between MISC and Mitsui & Co of Japan, the duo will jointly collaborate on business opportunities across the CCS value chain, including the identification of potential CCS hubs, assessing the commercial and technical viability of CCS solutions.
MISC also has a co-operation with Austria-headquartered Andritz that spans the application and optimisation of carbon capture technologies and the execution of engineering, procurement, construction, installation and commissioning (EPCIC) of CCS systems for marine and land-based applications.
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Future shaped by the energy transition
“The MoUs reflect MISC’s ambition to define our role in a future that is being shaped by the energy transition and we are pleased to explore opportunities in this new venture with our partners,” said Rajalingam.
He added that MISC’s commitment towards decarbonisation is further reinforced through the company’s partnership in The Castor Initiative, a global coalition which was formed to develop ammonia as a viable fuel for the maritime industry.
Discussions are also in progress to expand this partnership to ensure that the Malaysian contractor operates in a sustainable manner and is prepared for the energy transition.
“Our collective expertise as a group in energy shipping, maritime and port management, offshore engineering and fabrication places us in a viable position to develop and play an important role in the carbon capture and storage value chain,” said Rajalingam.
MISC added that its foray in the CCS value chain puts the company in a firm position to deliver the long-term strategy of MISC 2050, which focuses on identifying new business opportunities in tandem with driving sustainable value for its stakeholders.