Chevron and MOL to study CO2 shipping from Singapore to Australia
Chevron Corporation (NYSE: CVX), through its Chevron New Energies International Pte. Ltd. (Chevron) subsidiary, and Mitsui O.S.K. Lines, Ltd. (MOL) today announced the signing of a Joint Study Agreement (JSA) on the feasibility of transporting liquified carbon dioxide (CO2) from Singapore to permanent storage locations offshore Australia, according to MOL's release.
Under the JSA, Chevron and MOL will explore the technical and commercial feasibility of initially transporting up to 2.5 million tonnes per annum (Mtpa) of liquified CO2 by 2030.
The JSA will complement work to be advanced by a recently announced consortium to explore solutions for large-scale carbon capture, transport and permanent storage of CO2 from Singapore. Through its part in three joint ventures, Chevron was also recently granted an interest in three greenhouse gas assessment permits offshore Australia.
Chevron is one of the world’s leading integrated energy companies.
Mitsui O.S.K. Lines is one of the leading shipping companies operating about 800 ships across the world, headquartered in Japan. MOL develops various social infrastructure businesses centering on ocean shipping, technologies and services to meet ever-changing social needs including environmental protection. MOL fleet includes dry cargo ships, liquefied natural gas carriers, Ro-Ro car carrier ships, oil tankers, etc. In addition to the traditional shipping businesses, MOL offers social infrastructure businesses such as real estate, terminal and logistics, offshore wind power, and associated businesses. With one of the largest merchant fleets, 130-plus years of history, experience, and technology, MOL group aims to be a strong and resilient corporate group that provides new value to all stakeholders.
