MOL, JX Nippon collaborate on CCS

Japanese shipping giant Mitsui O.S.K. Lines (MOL) and JX Nippon Oil & Gas Exploration Corporation have inked a memorandum of understanding (MoU) to jointly develop a carbon dioxide capture and storage (CCS) value chain connecting Japan and Australia, the companies said on February 5 in a joint statement.

The primary focus of the MoU is the creation of a CCS value chain, beginning with the capture of CO2 emissions from the ENEOS refinery and nearby industries in Japan. The captured CO2 will be transported by a dedicated CO2 carrier to the Port of Bonython in Australia, where it will be injected and stored at a carefully selected storage site.

MOL and JX will collaboratively assess and choose a liquefied CO2 carrier suitable for the specific conditions at ports in both Japan and Australia. Considerations will include transport distance, volume, and marine transport costs.

The companies will conduct a comprehensive study on the overall cost of the CCS value chain, covering aspects from CO2 capture in Japan to storage in Australia.

CCS is a technology designed to capture CO2 emissions from industrial activities and securely store them in stable underground geological formations.