MOL And Cosmo Oil Sign MoU To Study Ocean Transport For Development Of CCS Value Chain

TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and Cosmo Oil Co., Ltd. (Cosmo Oil; President: Yasuhiro Suzuki; Headquarters: Minato-ku, Tokyo) today announced the signing of a memorandum of understanding (MoU) on the study of ocean transport, with the goal of establishing a carbon dioxide capture and storage* (CCS) value chain.

CCS is regarded as one of the most effective solutions to realize a low-carbon/decarbonized society. MOL and Cosmo Oil will collaborate on the establishment of a “CCS value chain consisting of separation, capture, transport, injection and storage” of CO₂ emitted from Cosmo Oil’s refineries (emission sources), and conduct the following studies.

(1) Outline specifications of liquefied CO2 carriers suitable for the distance from the emission sources to the candidate storage sites in Japan and abroad, and the expected transport volume.
(2) Estimate of ocean transport costs based on the results of the study in (1) above.
(3) Further possible collaborations on any potential projects on CCS, CO2 capture, separation, ocean transport, and reuse.
* CCS: Technology to capture CO2 from exhaust gas and store it underground, etc.

MOL and Cosmo Oil will accelerate this CCS value chain project through the MoU, and contribute to the realization of a low-carbon society.

Press Release

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