MISC GROUP SIGNS MoUs FOR FLOATING CCS PROJECTS

Jan 19, 2023 | Marine environment & clean shipping news

Malaysia-based MISC Group has signed respective Memoranda of Understanding (MoUs) with Mitsui & Co, Samsung Heavy Industries (SHI) and Andritz to explore opportunities on carbon capture and storage (CCS) solutions in the maritime value chain which include identifying storage hubs, development of floating solutions and carbon capture parts and equipment.

MISC President and Group CEO Capt Rajalingam Subramaniam said: “Carbon capture and storage technologies as well as related infrastructure, are pivotal measures to support and accelerate the transition towards a low-carbon future. Strategic collaborations with global stakeholders have always been our approach, and we will continue forging partnerships in

the development and commercialisation of the carbon capture and storage value chain. The MoUs reflect MISC’s ambition to define our role in a future that is being shaped by the energy transition and we are pleased to explore opportunities in this new venture with our partners. We would like to thank Mitsui & Co, SHI and Andritz for this purposeful partnership. Our commitment towards decarbonisation is further reinforced through our firm partnership in The Castor Initiative, a global coalition which was formed to develop ammonia as a viable fuel for the maritime industry. Discussions are also in progress to expand our partnership to ensure that we operate in a sustainable manner and are prepared for the transition. Our collective expertise as a Group in energy shipping, maritime and port management, offshore engineering and fabrication places us in a viable position to develop and play an important role in the carbon capture and storage value chain.”

Under the MOU with Mitsui, both parties will jointly collaborate on business opportunities across the CCS value chain, including the identification of potential CCS hubs, assessing the commercial and technical viability of CCS solutions. Meanwhile, the partnership with SHI covers the joint development of the engineering, procurement and construction (EPC) of the floating CO2 solutions to facilitate and support the optimisation of offshore CCS projects by combining each party’s expertise, experience, and resources.

The cooperation with Andritz covers the application and optimisation of carbon capture technologies and the execution of engineering, procurement, construction, installation, and commissioning (EPCIC) of CCS systems for marine and land-based applications.

MISC’s foray in the CCS value chain puts the Group in a firm position to deliver its long-term strategy which focuses on identifying new business opportunities while driving sustainable value for stakeholders.

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