Mitsui OSK Lines (MOL) and Bapco Energies have signed a memorandum of understanding (MoU) for the development of cross-border carbon dioxide (CO2) transport and sequestration.
The goal is the establishment of a carbon dioxide capture and storage (CCS) value chain, with MOL providing marine transportation of liquefied CO2 and Bapco Energies providing the sequestration sites.
Using technology to capture CO2 from exhaust gas and store it underground, CCS is regarded as one in a series of important initiatives to realise a low-carbon/decarbonised economy. MOL and Bapco Energies will jointly conduct detailed studies with a view to collaborating on the future establishment of a CCS value chain consisting of separation, capture, transport, injection and storage of CO2.
The agreement was signed by MOL president and chief executive Takeshi Hashimoto and Bapco Energies Group chief executive Mark Thomas.
“As a developer and a provider of social infrastructure services in addition traditional shipping, MOL is honoured 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 Bahrain and Asia-Pacific regions,” said Mr Hashimoto.
“We have recently concluded a study confirming that 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’s climate targets,” said Mr Thomas.
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