Vopak and Petronas Partner on Carbon Capture
24.11.2022 - Dutch storage operator Vopak and Malaysian energy company Petronas have signed a Memorandum of Understanding (MoU) to develop carbon capture and storage (CCS) in Southeast Asia.
Under the terms of the MoU, the companies will jointly study the development of a CCS value chain, focusing on the CO2 emitted by industries in Singapore. This would include transporting CO2 from a Vopak terminal for potential injection into regional storage hubs developed by Petronas. The study will also explore the aggregation of CO2 emissions from various industries in Southeast Asia.
“We are excited about this project with our long-term partner Petronas to jointly collaborate. This is well aligned with our commitment to support the energy transition through development of CO2-infrastructure for sustainable energy solutions and the decarbonization of the industry,” said Chris Robblee, president of Vopak Asia & Middle East.
The companies said there is growing global interest in CCS, as it plays a crucial role in mitigating climate change, adding that they both intend to invest in developing CCS solutions across the value chain.
Petronas has announced several CCS initiatives in Malaysia during the past couple of years. In January 2022, it signed a joint study and collaboration agreement with Shell, which was followed in June by an MoU with Japan’s Mitsui & Co. for conceptual and feasibility studies, including evaluating CO2 storage sites offshore from the Malaysia Peninsula.
In 2021, the Kuala Lumpur-based group signed two MoUs, one to work with Japan Petroleum Exploration and the other to partner South Korea’s POSCO International and its subsidiary POSCO Engineering & Construction in assessing Malaysian CCS opportunities.
Author: Elaine Burridge, Freelance Journalist