12 hours ago
- Business
- New Straits Times
Petronas-led venture to build fleet of liquefied CO2 carriers
KUALA LUMPUR: Petroliam Nasional Bhd (Petronas), via its unit Petronas CCS Ventures Sdn Bhd, has formed a joint venture (JV) with MISC Bhd and Mitsui OSK Lines Ltd to develop and own liquefied carbon dioxide (LCO2) carriers.
The JV company, Jules Nautica Sdn Bhd, will support cross-border carbon capture and storage (CCS) initiatives by transporting LCO2 to designated storage sites across the Asia Pacific region.
The partnership follows the completion of front-end engineering design for a 62,000-cubic-metre LCO2 carrier, awarded to Shanghai Merchant Ship Design and Research Institute.
"The JV strengthens our position in the carbon management value chain and enables cross-border CCS infrastructure to take shape," said Petronas CCS Ventures chief executive officer Emry Hisham Yusoff.
He added the design received General Approval for Ship Application certification from classification society DNV in December 2024.
Jules Nautica aims to play a key role in completing the CCS value chain by facilitating safe and efficient LCO2 transport.
The venture plans to engage with carbon-emitting industries and storage providers to offer cross-border CCS solutions in line with tightening environmental regulations.
The initiative forms part of wider efforts by Petronas and its partners to position Malaysia as a regional hub for carbon management services.
