Major corporations are teaming up to develop carbon capture technologies in Malaysia. Engineering company JGC Holdings Corporation (JGC HD) and oil developer JX Nippon Oil & Gas Exploration Corporation (JX) have signed a memorandum of understanding (MoU) with Petroliam Nasional Berhad (PETRONAS) to study the potential of carbon capture and storage development in Malaysia.
The collaboration also seeks to expand the possibility of permanently storing CO2 from overseas like from Japan. Petronas, JGC HD, and JX will aim to combine knowledge and experiences to construct the entire carbon capture and storage value chain, including CO2 capture, separation, transportation, injection, and storage.
The companies also see the development of carbon capture as a pathway to achieve energy transition, sustainable economic growth, and carbon neutrality in Asia.
The partnership may also lead to adjacent opportunities in other related low-carbon businesses like blue hydrogen or blue ammonia, which would help accelerate the green transitions in the Asia region.
Petronas is a fossil fuel major in Asia that is entrusted to manage Malaysia’s oil and gas resources for economic growth. A few years ago, the company announced its Statement of Purpose or Aspiration – to achieve net zero carbon emissions by 2050.
JGC Group has a track record of building carbon capture infrastructure in Japan, Algeria and Australia. Its medium-term management plan includes the expansion of businesses in the carbon capture and storage sector.
It also provides technical consulting services with energy and environmental themes, combining various methods like surveys, analysis, evaluation, simulation, and risk assessment. The company contributes to the carbon capture industry through the provision of a wide range of solutions.