MOL,Petronas CCS Ventures and MISC have agreed in principle on the key commercial terms to allow progress to the next stage of the potential JV entity that would deliver LCO2 carriers for 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,” Petronas said.
MISC stated: “this strategic venture is a perfect fit with our advocacy for a just transition, where responsible practices take center stage in managing societal emissions. As a future-focused shipowner, MISC is well-equipped to deliver the technical expertise required for LCO₂ shipping, a crucial link in the carbon capture and storage value chain.”