Malaysia’s leading shipping company MISC (KLSE: MISC) and South Korea’s Samsung Heavy Industries (SHI; KRX: 010140), one of the world’s largest shipbuilders, have announced a new conceptual design for a floating carbon storage unit (FCSU).
The design aims to enhance the efficiency of the carbon capture and storage (CCS) value chain within the maritime sector, according to a statement by MISC published Wednesday.
The floater boasts a total storage capacity of 100,000 cubic meters and an injection capacity of 5 million metric tons per annum (mtpa).
Norway-based accredited registrar and classification society DNV has granted preliminary approval to the concept, confirming its technical viability and compliance with relevant industry regulations and standards.
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According to the developers, the FCSU is a “dynamic and versatile solution” that bridges an important gap, especially for carbon dioxide (CO2) emitters without easy access to nearby sequestration sites.
It presents a new approach to carbon transport and storage, offering an alternative to the traditional pipeline method and catering to depleted offshore oil and gas fields earmarked as potential CO2 storage sites.
Apart from serving as an intermediate CO2 storage unit or injection vehicle for offshore reservoirs, additional applications are being explored, including incorporating a CO2 liquefaction facility.
Rajalingam Subramaniam, MISC’s President and Group CEO, stated, “The FCSU is a result of our collective ambition to steer the maritime sector and other hard-to-abate sectors towards greener horizons.”
The joint design is the outcome of a partnership initiated after the signing of a memorandum of understanding (MoU) earlier this year.
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