Mitsui O.S.K. Lines, Ltd. (MOL), PETRONAS CCS Ventures Sdn. Bhd. (PCCSV), and MISC BERHAD (MISC) have formed a joint venture called Jules Nautica Sdn. Bhd. This venture will develop and own Liquefied Carbon Dioxide (LCO2) carriers, which are essential for transporting LCO2 to storage sites as part of carbon capture and storage (CCS) efforts.
The three parties have completed the Front-End Engineering Design (FEED) for a 62,000 cubic meter LCO2 carrier awarded to Shanghai Merchant Ship Design And Research Institute (SDARI). In December 2024, this design received the General Approval for Ship Application (GASA) certification from DNV, marking it as one of the leading Low Pressure Low Temperature LCO2 carrier designs in the industry.
The joint venture (JV) aims to be a top owner of LCO2 carriers, ensuring the safe transportation of LCO2 to storage sites. Focusing on future CCS projects in the Asia Pacific, the JV will significantly contribute to the CCS value chain through strategic agreements with CO2-emitting industries and storage companies, providing essential cross-border solutions for environmental and regulatory needs.
Emry Hisham Yusoff, PCCSV’s Chief Executive Officer added, “This joint venture marks a pivotal step forward in our collective mission of advancing decarbonisation efforts in the region. By leveraging the strengths of PCCSV, MISC, and MOL, we are progressing the development of LCO2 carriers and working towards more efficient shipping solutions. This collaboration highlights our focus on responsible innovation.”
Zahid Osman, President & Group CEO of MISC said “The energy transition is not just about adapting; it is about #deliveringProgress. We believe that meaningful progress requires collaboration with like-minded partners who share our vision for a more sustainable future. Our partnership with PETRONAS and MOL on LCO2 shipping is aligned with our strategic focus on advancing low-carbon solutions, as we work collaboratively to accelerate the maturation of technologies across the CCS value chain. When it comes to building a sustainable energy future, we all have a role to play in connecting the dots between challenge and solution. Initiatives like these reflect the direction we are taking, as we continue to explore and forge partnerships that will advance the development of low-carbon solutions and ensure our maritime pathways remain integral to a sustainable energy landscape.”
Takeshi Hashimoto, MOL’s President & CEO added, “This joint venture will play a crucial role in the transportation of LCO2, which is indispensable for cross-border CCS projects. The three companies coming together emphasize the need for collaboration within the industry to help realize CCS. Furthermore, this collaboration will lead decarbonization efforts across the Asia-Pacific region beyond Malaysia and Japan and will contribute to the realization of a carbon-neutral society.”.