PETALING JAYA: Petroliam Nasional Bhd (Petronas) and independent tank storage company, Vopak, have signed a memorandum of understanding (MoU) for the development of the value chain for carbon capture and storage (CCS) in the Southeast Asia region.
As part of the MoU, both companies will jointly study the development of the CCS value chain focusing on the carbon dioxide (CO2) emitted by industries in Singapore, which includes CO2 transport from a Vopak terminal for potential injection into the regional storage hubs developed by Petronas.
The aggregation of CO2 emissions from various emitters in the Southeast Asia region is also part of the feasibility study. Both companies have the intention to invest in the development of CCS value chain solutions.
“This is well-ligned with our commitment to support the energy transition through development of CO2-infrastructure for sustainable energy solutions and the decarbonisation of the industry,” said Vopak Asia and Middle East president Chris Robblee said in a statement on Nov 21.
Vopak said this collaboration is aligned with both companies’ ambition to support the transition to a low carbon future.
It added that there is growing interest worldwide in reduction of CO2 emissions released into the atmosphere as well as in CO2 capture and storage, as both play a crucial role in mitigating climate change.
“Locations without an abundance of underground geologic reservoirs would have to transport the captured CO2 to these suitable reservoirs,” it said.