Chevron and MOL to study CO2 shipping from Singapore to Australia

Chevron Corporation (NYSE: CVX), by means of its Chevron New Energies International Pte. Ltd. (Chevron) subsidiary, and Mitsui O.S.Okay. Lines, Ltd. (MOL) right now introduced the signing of a Joint Study Agreement (JSA) on the feasibility of transporting liquified carbon dioxide (CO₂) from Singapore to everlasting storage places offshore Australia.

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Chevron and MOL have signed a Joint Study Agreement to discover the feasibility of transporting liquified carbon dioxide from Singapore to everlasting storage places offshore Australia. At the signing ceremony in Singapore have been Mr. Chris Powers, Vice President, Carbon Capture Utilization and Storage, Chevron New Energies, and Mr. Yasuchika Noma, Executive Officer of MOL. (Photo: Business Wire)

Under the JSA, Chevron and MOL will discover the technical and industrial feasibility of initially transporting up to 2.5 million tonnes each year (Mtpa) of liquified CO₂ by 2030.

The JSA will complement work to be superior by a lately introduced consortium to discover options for large-scale carbon seize, transport and everlasting storage of CO₂ from Singapore. Through its half in three joint ventures, Chevron was additionally lately granted an curiosity in three greenhouse fuel evaluation permits offshore Australia.

“Developing safe and reliable CO₂ transportation services is a crucial step in developing large scale Carbon Capture, Utilization, and Storage (CCUS) solutions. We are pleased to partner with MOL to explore commercially-ready solutions to focus on realizing this goal,” stated Mark Ross, president of Chevron Shipping Company.

“We expect this agreement with MOL to advance the technical and commercial foundations for a regional approach to CCUS, which could provide progress toward the region’s net-zero ambitions. No single entity has all the solutions, but genuine collaboration can help us unlock opportunities as we advance our shared goal of a lower carbon future,” stated Chris Powers, vice chairman, CCUS, Chevron New Energies.

“As a developer and a provider of social infrastructure service in addition to traditional shipping, MOL is honored and excited to have an opportunity to collaborate with Chevron for opening up CCUS solutions in the Asia Pacific region. We hope to expand our collaboration to wider areas of solutions for decarbonization including CCUS and renewable energies globally,” stated Yasuchika Noma, Executive Officer of MOL.

About Chevron

Chevron (NYSE: CVX) is among the world’s main built-in vitality firms. We imagine reasonably priced, dependable, and ever-cleaner vitality is crucial to reaching a extra affluent and sustainable world. Chevron produces crude oil and pure fuel; manufactures transportation fuels, lubricants, petrochemicals and components; and develops applied sciences that improve our business and the trade. We are centered on reducing the carbon depth in our operations and rising decrease carbon companies together with our conventional business strains. More details about Chevron is obtainable at www.chevron.com.

About MOL

Mitsui O.S.Okay. Lines is a worldwide main shipping firm working about 800 ships the world over, headquartered in Japan. MOL develops numerous social infrastructure companies centering on ocean shipping, applied sciences and providers to meet ever-changing social wants together with environmental safety. MOL fleet consists of dry cargo ships, liquefied pure fuel carriers, Ro-Ro automotive service ships, oil tankers, and many others. In addition to the normal shipping companies, MOL provides social infrastructure companies similar to actual property, terminal and logistics, offshore wind energy, and related companies. With one of many largest service provider fleets, 130-plus years of historical past, expertise, and know-how, MOL group goals to be a robust and resilient company group that gives new worth to all stakeholders. For extra details about Mitsui O.S.Okay. Lines, Ltd, please go to https://www.mol.co.jp/en/index.html.

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