Petronas partners with 6 South Korean companies to explore opportunities in CCS value chain

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KUCHING, Aug 2: Petronas today signed a Memorandum of Understanding (MoU) with six South Korean companies to undertake conceptual and feasibility studies towards establishing a full value chain related to carbon dioxide (CO2) capture, transport and storage.

According to a media release, the six companies are Samsung Engineering Co Ltd, Samsung Heavy Industries, SK Earthon Co Ltd, SK Energy Co Ltd, GS Energy Corporation and Lotte Chemical Co.

The signatories of the MoU were Petronas head of Carbon Management Emry Hisham; Samsung Engineering executive vice president of Solution Business Division Cheonhong Park; SK Energy executive vice president of Energy Net Zero Office Jeongeui Hong; SK Earthon executive vice president of Technical Centre Youngju Han; Samsung Heavy Industry vice president of Global Business Team Jinmo Kim; GS Energy vice president of Hydrogen & New Business Division Paul Sunghoon Lee; and Lotte Chemical vice president of Environment Management Division In-Chol Park.

The signing was witnessed by Petronas executive vice president and chief executive officer of Upstream Datuk Adif Zulkifli.

The MoU will also involve the evaluation of potential CO2 storage sites in Malaysia and exploration of other areas across the CCS value chain, including the strengthening of cross-border CO2 transportation.

“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,” Emry said in the statement.

This collaboration is part of Petronas’ deliberate steps to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners. — DayakDaily