As part of the MoU, the two companies will together study the development of the CCS value chain with a focus on carbon emissions by industries in Singapore. The carbon dioxide will be transported from a Vopak terminal for potential injection into PETRONAS-developed regional storage sites.
The aggregation of carbon emissions from various emitters in the Southeast Asia region will also be included in the feasibility study. Both companies plan to invest in the development of CCS value chain solutions and support the transition to a low-carbon future.
“We are excited about this project with our long-term partner PETRONAS,” said Chris Robblee, President of Vopak Asia & Middle East. “This is well aligned with our commitment to support the energy transition through the development of CO2 infrastructure for sustainable energy solutions and the decarbonization of the industry.”
Royal Vopak N.V. is a Dutch independent multinational company that stores and handles products such as chemicals, oil, gases, LNG, biofuels and vegoils. Vopak’s ambition is to be carbon-neutral by 2050.
Petroliam Nasional Berhad, or PETRONAS, is a Malaysian government-owned oil and gas company established in 1974. As part of its sustainability goals, PETRONAS has committed to capping greenhouse gas emissions to 49.5 million metric tons of CO2 equivalent for its Malaysia operations by 2024.