Japan Petroleum Exploration (JAPEX), JGC Holdings Corporation (JGC) and Kawasaki Kisen Kaisha (K Line) have signed a Memorandum of Understanding (MoU) with JFE Steel Corporation to jointly evaluate the possibility of establishing a carbon capture and storage (CCS) value chain originating in Japan.
The value chain will encompass the entire process from separating and capturing carbon dioxide (CO2) at JFE’s steelworks in Japan to shipping the liquefied CO2 to receiving points in Malaysia, including the assessment of required facilities and associated costs.
“By the establishment of the international CCS value chain through the evaluation, JAPEX, JGC HD, “K” LINE, and JFE Steel aim to contribute for the realization of carbon neutrality by 2050, including the realization of de-carbonized society in Asia targeted by Asia Energy Transition Initiative (AETI),” the companies said in a joint statement.
The MoU is aligned with an ongoing study on CCS being conducted by JAPEX, JGC and K Line in Malaysia in cooperation with local state-owned energy group Petroliam Nasional Berhad (PETRONAS).
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The ongoing study covers identifying suitable CO2 storage sites in Malaysia and the corresponding technical evaluations, exploring possibilities for CO2 capture and transport from PETRONAS’s liquefied natural gas (LNG) complex in Bintulu, on the island of Borneo, and assessing the potential to transport CO2 from other countries than Malaysia.
Within the framework of the study, the three companies have held dialogues with CO2 emitters who are seen as potential candidates for cooperation, with a special focus on the possibility of transporting CO2 from Japan.
These dialogues have led to the identification of a shared vision with JFE Steel, which has been looking to reduce CO2 emissions from its operations, eventually resulting in the above mentioned MoU between the four companies.
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