Mitsui O.S.K. Lines Co., Ltd.
Basic agreement reached with Malaysia’s PETRONAS Group to establish a joint venture for the purpose of developing and owning liquefied CO2 transport vessels
Mitsui O.S.K. Lines, Ltd. (President: Tsuyoshi Hashimoto, Head Office: Minato-ku, Tokyo, hereinafter referred to as the “Company”) is a wholly owned subsidiary of Petroliam Nasional Berhad (Head Office: Malaysia, hereinafter referred to as “PETRONAS”), a Malaysian national energy company. CCS Ventures Sdn Bhd (hereinafter “PETRONAS CCS Ventures”) and shipping company MISC Berhad (hereinafter “MISC”), which is also part of the PETRONAS Group, for the purpose of developing and owning liquefied CO2 transport vessels (hereinafter “LCO2 ships”). We have reached a basic agreement to establish a joint venture company (hereinafter referred to as “Shipowner JV”). Going forward, the Company, PETRONAS CCS Ventures, and MISC plan to hold discussions to reach a final agreement to establish a shipowner JV. The signing ceremony for the basic agreement was held in Tokyo on September 22, and was witnessed by Toshiaki Tanaka, Vice President and Executive Officer of the Company, Mr. Datuk Adif Zulkifli, Vice President and CEO of Upstream Division of PETRONAS, and Mr. Captain Rajalingam Subramaniam, President and Group CEO of MISC. The agreement was signed by Yasushi Noma, Executive Officer of the Company, Mr. Emry Hisham bin Yusoff, CEO of PETRONAS CCS Ventures, and Mr. Hazrin Hasan, Vice President of MISC.
[Image: https://prtimes.jp/i/92744/115/resize/d92744-115-e38b954c05017fe8517a-0.png&s3=92744-115-7ebf5f176b5ff5f2835c5a6914b01fd4-1350×742.png ]
(In the above photo, back row from left: Toshiaki Tanaka, Vice President and Executive Officer of the Company; Mr. Datuk Adif Zulkifli, Vice President and CEO of PETRONAS; President and Group CEO of MISC; Captain Rajalingam Subramaniam; from left, front row: Yasushi Noma, Executive Officer of the Company; PETRONAS CCS) Ventures CEO Emry Hisham bin Yusoff, MISC Vice President Hazrin Hasan)
Our company signed a memorandum of understanding with PETRONAS in February 2022 (Note 1), and in June 2023 received basic design approval for LCO2 vessels and floating storage and offloading (hereinafter referred to as “FSO”). We are proceeding with business development related to maritime transportation of liquefied CO2, including obtaining the certification of Principle (hereinafter referred to as “AiP”) (Note 2). This time, MISC has newly joined this initiative, and in order to respond to the diverse transportation needs of liquefied CO2 expected in the future, in addition to considering liquefied CO2 transportation methods centered on liquefied CO2 ships, we will also develop optimal business opportunities through shipowner joint ventures. We will cooperate in examining the model. Through further collaboration with the PETRONAS Group, we will contribute to the early establishment of a CCS value chain and, ultimately, the realization of a carbon-neutral society.
Our group’s vision is to develop various social infrastructure businesses centered on the shipping industry, and to meet the changing needs of society, including environmental conservation, by evolving technology and services. In addition to the group vision, this project is aimed at expanding the marine business and non-shipping business outlined in the management plan “BLUE ACTION 2035”
https://www.mol.co.jp/ir/management/plan/pdf/blueaction2035.pdf, and “MOL One of the strategies under “Group Environmental Vision 2.2”
https://www.mol.co.jp/sustainability/environment/vision/pdf/vision22/mol_group_environmental_vision_2.2.pdf is “Expand low-carbon and decarbonized businesses by leveraging the collective strength of the group.” This is an initiative that is consistent with “. The Mitsui O.S.K. Lines Group contributes to the sustainable development of people, society, and the earth, and opens up a prosperous future from the blue ocean.
(Note 1) Please refer to the press release below. Signed a memorandum of understanding with Petronas on February 8, 2022 regarding cooperation in developing liquefied CO2 marine transportation business for CCUS
(Note 2) Please refer to the press release below. Basic design approval for liquefied CO2 carrier and offshore floating equipment obtained from classification society on June 28, 2023 – Joint development with PETRONAS and SDARI –
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Mitsui O.S.K. Lines Co., Ltd.