TOKYO, Sept 25 (Bernama) — PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures), a wholly-owned subsidiary of PETRONAS has signed a Term Sheet with Mitsui O.S.K Lines, Ltd. (MOL) and MISC Berhad for the potential incorporation of a joint venture entity to invest in developing and monetising Liquefied Carbon Dioxide (LCO₂) carriers for Carbon Capture and Storage (CCS) projects in Malaysia. The parties have agreed in principle on the key commercial terms to allow progress to the next stage.
Building on the February 2022 Memorandum of Understanding (MOU) signed with MOL and the four Approval in Principle (AiPs) for the conceptual design of the LCO₂ carriers in June 2023, the Term Sheet marks another milestone for the positioning of CCS as a key lever in PETRONAS’ Net Zero Carbon Emissions by 2050 ambition.