Japanese shipping giant Mitsui OSK Lines (MOL) has partnered with Bahrain’s Bapco Energies to pioneer a groundbreaking carbon capture and storage (CCS) project that spans international borders.
This ambitious initiative, unveiled in Dubai at COP28, aims to establish a robust CCS value chain, where MOL will oversee the maritime transport of liquefied CO2, and Bapco will provide the sequestration sites.
Under the recently signed memorandum of understanding, the two companies will collaborate on various aspects of the CCS process, including the separation, capture, transportation, injection, and storage of CO2. The focus of their studies will be on the potential markets in the Asia-Pacific region and the cost analysis of CO2 utilization, encompassing the storage costs at Bapco Energies’ facilities in Bahrain and the expenses associated with shipping liquified CO2.
Takeshi Hashimoto, President and CEO of MOL, expressed optimism about the partnership, highlighting the significant synergies and potential to bridge connections between Bahrain and the Asia-Pacific regions. This collaboration aligns with the global push towards a low-carbon future and supports Bahrain’s ambitious climate targets, including its commitment to achieving net-zero emissions by 2060.
“As a developer and a provider of a variety of social infrastructure business in addition to traditional shipping, MOL is honored and excited to have an opportunity to collaborate with Bapco Energies. We believe there is a significant synergy in our cooperation to create CCS value chain, also to become a bridge between the Kingdom of Bahrain and Asia-Pacific regions.” said Takeshi Hashimoto, President & CEO of MOL.
“We have recently concluded a study confirming that the Kingdom of Bahrain’s CO2 storage capacity exceeds its needs to meet its Net-Zero target by 2060. This opened exciting opportunities for us, including the development of cross-border CO2 transportation and storage. This collaboration with MOL underscores our unwavering dedication to achieving a low-carbon future in line with the Kingdom of Bahrain’s climate targets.” said Mark Thomas, Group CEO of Bapco Energies.
MOL’s involvement in the CCS domain is not new. The company ventured into the transportation of liquefied CO2 by sea in March 2021 with an investment in Larvik Shipping, a firm with over three decades of experience in managing industrial liquefied CO2 vessels in Europe. MOL has since been working towards developing larger ships to meet the growing demands of this sector. Additionally, MOL has engaged in similar projects with Chevron, exploring the feasibility of transporting liquified CO2 from Singapore to permanent storage locations offshore Australia.
In June, MOL and Malaysia’s state energy company Petronas, in collaboration with the Shanghai Merchant Ship Design & Research Institute (SDARI), showcased their joint efforts in developing liquified CO2 carriers and a floating storage and offloading (FSO) unit. More recently, MOL joined forces with Cosmo Oil to investigate further carbon dioxide shipping opportunities, underscoring the company’s commitment to advancing CCS technologies and solutions on a global scale.
