Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and JX Nippon Oil & Gas Exploration Corporation (JX; President & CEO: Toshiya Nakahara; Head Office: Chiyoda-ku, Tokyo) are pleased to announce that MOL and JX have signed a memorandum of understanding (MoU) to develop a carbon dioxide capture and storage (CCS) value chain between Japan and Australia, including marine transport of carbon dioxide (CO2).
The MoU focuses on the establishment of a CCS value chain by capturing CO2 emitted from ENEOS refinery and nearby various industries in Japan, transporting it by CO2 carrier to the Port of Bonython in Australia, and injecting and storing it at the selected storage site.
MOL and JX will jointly conduct the following studies:
(1) To select a liquefied CO2 carrier suitable for conditions at ports in Japan and Australia and the expected CO2 transport distance and volume, and estimation of marine transport costs
(2) To estimate the cost of the entire CCS value chain between Japan and Australia
MOL will focus mainly on item (1), while JX’s role will center on item (2).
CCS is a technology that separates and captures CO2 emitted from industrial activities and stores it in a stable underground geological formation. It represents an effective means to realize a carbon neutral society, and is attracting attention as a realistic approach to promote decarbonization, especially in industrial sectors where the transition to renewable energy is difficult.
Through the MoU, MOL and JX will accelerate their initiatives to build a CCS value chain and contribute to the realization of a carbon-neutral society.