Vopak and PETRONAS sign MoU to explore opportunities in CCS
Vopak and Petroliam Nasional Berhad (PETRONAS) signed an MoU for the development of the value chain for CCS in the Southeast Asia region.
As part of the MoU, both companies will jointly study the development of the CCS value chain focusing on the CO2 emitted by industries in Singapore. This includes CO2 transport from a Vopak terminal for potential injection into the regional storage hubs developed by PETRONAS. The aggregation of CO2 emissions from various emitters in the Southeast Asia region is also part of the feasibility study. Both companies have the intention to invest in the development of CCS value chain solutions.
Chris Robblee - President Vopak Asia & Middle East said: “We are excited about this project with our long-term partner PETRONAS to jointly collaborate. This is well aligned with our commitment to support the energy transition through development of CO2-infrastructure for sustainable energy solutions and the decarbonization of the industry.”
This collaboration is aligned with both companies’ ambition to support the transition to a low carbon future.
The signatories of the MoU were Marina Surzhenko, Vopak Commercial, Business development and Energy Transition Director, and Emry Hisham, PETRONAS Head of Carbon Management.
Growing interest in Carbon Capture & Storage
There is growing interest worldwide in reduction of CO2 emissions released into the atmosphere as well as in CO2 Capture and Storage, as both play a crucial role in mitigating climate change. Locations without an abundance of underground geologic reservoirs would have to transport the captured CO2 to these suitable reservoirs.