PETRONAS and POSCO Collaborate on Carbon Capture and Storage Value Chain

Source: www.gulfoilandgas.com 12/17/2021, Location: Asia

PETRONAS signed a Memorandum of Understanding (MoU) with POSCO International Corporation and POSCO Engineering & Construction Co. Ltd to jointly explore opportunities in carbon capture and storage (CCS) technologies as well as carbon dioxide (CO2) storage solutions in Malaysia.

Both parties will assess opportunities to unlock CCS potential and identify suitable technology within the scope of carbon capture, transportation of CO2 and storage for potential application.

PETRONAS was represented by Executive Vice President and Chief Executive Officer of Upstream, Adif Zulkifli, while POSCO International Corporation was represented by Vice President, Head of Energy Business Division, Hwang Euy-Yong. Signing on behalf of POSCO Engineering & Construction Co. Ltd was Vice President, Head of Plant Business Office, Lee Gyu Chul.

Adif said, “Given the multiple business adjacencies between PETRONAS and POSCO, we are delighted to collaborate in unlocking the opportunities and potential of CCS. This is one of the many efforts to establish Malaysia as a leading CCS solutions hub in the region. POSCO is the largest steel manufacturer in Korea and this collaboration will allow PETRONAS to leverage on POSCO’s experience especially in carbon capture and transportation.”

Under the MoU, PETRONAS and POSCO will collaborate and perform technical maturation activities to unlock CCS potential in Malaysia.

PETRONAS is taking deliberate steps to build a resilient and sustainable portfolio to support the transition towards lower carbon energy sources, including evaluating the application of technology towards lowering emissions across the value chain which will encompass carbon capture, transport and storage. The Company is also pursuing more zero continuous flaring and venting of hydrocarbons to reduce emissions aligned with its aspiration to achieve Net Zero Carbon Emissions by 2050.


United Kingdom >>  8/12/2022 - Phase 2 is great boost but all projects needed if UK is to meet climate goals, industry body OEUK says.
Today (August 12), the UK Government a...

United Kingdom >>  8/12/2022 - - 20 projects shortlisted for next stage of carbon capture, usage and storage (CCUS) cluster process
- projects located in the North East, Humbe...


United Kingdom >>  8/11/2022 - The leading trade body for the UK’s offshore energy industry, Offshore Energies UK (OEUK), has today (11 August) launched new guidelines to help oil a...
Australia >>  8/10/2022 - In a win for sustainability, Kent has been awarded the Future Fuels Desulphurisation Project by Ampol, where they will support the reduction of fuel e...

United Kingdom >>  8/9/2022 - - The company will invest some 170 million euros in this facility, which will supply clean hydrogen to vehicles and machinery at the port of Felixtowe...
Norway >>  8/8/2022 - In a recent First Break publication, PGS authors describe a CCS workflow over a proof-of-concept area to assess CCS storage capacity and containment a...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.