- NYK’s Tsutomu Yokoyama highlights cost reduction in marine transportation as crucial for advancing carbon capture and storage (CCS).
- NYK is collaborating with Indonesia’s Pertamina on LCO2 and LNG transport and ship management.
- The company’s CCS initiatives include a joint study with Chiyoda Corporation to evaluate the CCUS value chain.
Tsutomu Yokoyama, an Executive Officer at Nippon Yusen Kabushiki Kaisha (NYK), has emphasized the importance of reducing marine transportation costs within the carbon capture and storage (CCS) value chain. Speaking at the International & Indonesia CCS Forum 2024 in Jakarta, Yokoyama underscored that cost reduction is pivotal in promoting CCS technology, reports Offshore Energy.
Cost reduction
During the forum, held from July 31 to August 1, Yokoyama participated in a panel discussion alongside industry experts from Indonesia and other countries. He presented NYK’s decarbonization strategy and CCS projects, highlighting the need to optimize transportation methods for liquefied CO2 (LCO2) based on comprehensive economic evaluations. Yokoyama stressed that marine transportation costs are a significant component of the overall CCS value chain.
Indonesia, being one of Southeast Asia’s largest oil and natural gas producers, is actively investing in carbon storage facilities. NYK supports these efforts through a recent collaboration with Pertamina, a state-owned oil and gas company in Indonesia. In June 2024, NYK signed a memorandum of understanding (MoU) with Pertamina’s marine logistics subsidiary to work on LCO2 and LNG transportation and to jointly establish a ship-management company. This partnership aims to enhance stable ocean transportation, contribute to a low-carbon society, and create job opportunities for Indonesian seafarers.
NYK is also involved in other CCS initiatives, including a joint study with Chiyoda Corporation and its affiliate Knutsen NYK Carbon Carriers AS (KNCC). This study aims to quantitatively assess and verify the feasibility of the carbon capture, utilization, and storage (CCUS) value chain, encompassing aspects like liquefaction, temporary storage, and marine transportation of CO2.
Through these efforts, NYK is advancing its commitment to reducing carbon emissions and supporting the global adoption of CCS technologies, while fostering international cooperation and local development.
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Source: Offshore Energy
