Japanese shipping major Mitsui O.S.K. Lines (MOL) and Cosmo Oil Co. have signed a memorandum of understanding (MoU) to study the establishment of a carbon dioxide capture and storage (CCS) value chain, reads a press release.
CCS is a technology that captures carbon dioxide from emissions sources, such as power plants and industrial facilities, and stores it underground. It is considered to be one of the most effective solutions to reduce greenhouse gas emissions and mitigate climate change.
Under the MoU, MOL and Cosmo Oil will collaborate on specifications of liquefied CO2 (LCO2) carriers suitable for the distance from emission sources to candidate storage sites in Japan and abroad, and the expected transport volume.
The parties will also develop estimates of ocean transport costs based on the results of the study and collaborate on any potential projects on CCS, CO2 capture, separation, ocean transport, and reuse.
The study is expected to be completed within the next year. If the study is successful, MOL and Cosmo Oil could begin commercial CCS operations as early as 2027.
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Source: MOL
