Petronas Partners With Mitsui & Co., Ltd to Create Regional Carbon Capture And Storage Solutions Hub

August 2022

Malaysia’s national energy company, Petronas has signed a Memorandum of Understanding (MoU) with Mitsui & Co., Ltd., a Japanese project development and trading conglomerate, to undertake joint conceptual and feasibility studies on carbon capture and storage (CCS) value chain, including carbon dioxide (CO2) storage sites’ assessment in Malaysia. Petronas’ current goal is to form cooperation with global key players to establish Malaysia as a CCS regional hub in the Asia Pacific region.

Both parties will assess prospective CO2 storage locations offshore of Peninsular Malaysia under the terms of the MoU. The collaboration’s focus includes the assessment of different CCS value chains, capturing and gathering strategy of CO2, competitive transportation of the CO2, and developing direct air capture technology.

Petronas Head of Carbon Management, Emry Hisham said that the firm aims to leverage on Mitsui & Co.’s experience in its CCS project in the United Kingdom, which is the first CO2 appraisal and storage license issued by the United Kingdom’s Oil and Gas Authority. Petronas is confident that the feasibility studies will bring about a valuable contribution in unlocking CCS potential in Malaysia.  Petronas’ CCS projects are part of the firm’s ongoing efforts to build a sustainable portfolio to support the transition towards climate change and take part in lower carbon energy play.

(Sources: Petronas; Business Today)

Our Services

Orissa International provides consulting services to companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 distributors, resellers, and system integrators, built through advising and guiding more than 5,000 companies with their market expansion into Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines over the last 25 years.