Japanese shipping giant Mitsui O.S.K. Lines (MOL), subsidiary of energy company Petroliam Nasional Berhad (PETRONAS) in Malaysia, PETRONAS CCS Ventures, and maritime conglomerate MISC BERHAD (MISC), have launched the joint venture Jules Nautica Sdn. Bhd. to lead the development and act as the ultimate owner of liquefied carbon dioxide (LCO2) carriers, which are critical for transporting LCO2 to designated storage sites.
The joint venture’s aim is to become a leading owner of LCO2 carriers, facilitating the transportation of LCO2 to designated CO2 storage sites.
The joint venture is focused on supporting the future carbon capture and storage (CCS) projects across the Asia Pacific region, according to the MOL and MISC release.
The three parties have recently completed the front-end engineering design for a 62,000 cubic meter LCO2 carrier, which was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI).
In December 2024, this jointly developed design received the general approval for ship application (GASA) certification from DNV, establishing it among the most developed low pressure, low temperature LCO2 carrier designs in the industry, as MOL and MISC claim in their statement.
“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,” said Takeshi Hashimoto, MOL’s president and CEO, adding that “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.”
