PETRONAS Signs MoU to Examine CCS Opportunities

A Memorandum of Understanding (MoU) was signed by PETRONAS with six South Korean businesses to conduct conceptual and feasibility studies in the direction of developing a comprehensive value chain for carbon dioxide (CO2) capture, transport, and storage. The six businesses are namely Lotte Chemical Co., SK Earthon Co., Ltd., GS Energy Corporation, Samsung Engineering Co., Ltd., and Samsung Heavy Industries.

“The feasibility studies undertaken through this collaboration will identify suitable technologies for the CCS and transportation value chain, bringing PETRONAS closer towards establishing Malaysia as a leading regional CCS solutions hub,” said PETRONAS Head of Carbon Management Emry Hisham

The MoU will cover the assessment of prospective CO2 storage locations in Malaysia and the investigation of other CCS value chain sectors, including the bolstering of cross-border CO2 transit. This is also a result of PETRONAS' purposeful efforts to develop a sustainable portfolio with cutting-edge energy production solutions, enabling the shift to a future with reduced carbon emissions through cooperative efforts with industry partners.

PETRONAS Head of Carbon Management Emry Hisham, Samsung Engineering Executive Vice President, Cheonhong Park, SK Energy Executive Vice President, Energy Net Zero Office Jeongeui Hong, SK Earthon Executive Vice President, Technical Center Youngju Han, Samsung Heavy Industry Vice President, Global Business Team Jinmo Kim, GS Energy Vice President, Hydrogen & New Business Division Paul Sunghoon Lee, and Lotte were the signatories of the MoU. Datuk Adif Zulkifli, executive vice president and CEO of PETRONAS Upstream, was present when the document was signed.