MOL and Bapco Energies Sign MoU for Development of Cross Border CO2 Transport and Sequestration
Mitsui O.S.K. Lines, Ltd. and Bapco Energies B.S.C. announced the signing of a memorandum of understanding (MoU) for development of cross border carbon dioxide (CO2) transport and sequestration with the goal of establishing a carbon dioxide capture and storage (CCS) (Note) value chain, where MOL provides marine transportation of liquified CO2 and Bapco Energies provides the sequestration sites.
Signing ceremony in Dubai Left: Bapco Energies VP-Corporate Development & Portfolio Management Dr. Hassan Al-Mulla, Bapco Energies Acting Manager Corporate Communications Jenan Al Askari, MOL Managing Executive Officer Ajay Singh, Bapco Energies Group CEO Mark Thomas, Minister of Oil and Environment, Bahrain H.E. Dr. Mohamed bin Mubarak bin Daina, MOL President & CEO Takeshi Hashimoto, Bapco Energies Manager ESG Tahani Hussain, MOL Executive Officer Yasuchika Noma
CCS is regarded as one of the most effective solutions to realize a low-carbon/decarbonized society. MOL and Bapco Energies will collaborate on the future establishment of a CCS value chain consisting of separation, capture, transport, injection and storage of CO2 through the following studies.
(1) To conduct the study of the estimated cost of CO2 for using the permanent CO2 storage owned and operated by Bapco Energies in the Kingdom of Bahrain, including the receiving cost of CO2 at the CO2 receiving terminal, and the unit cost of liquified CO2 transportation by ship.
(2) To jointly conduct the study of the potential markets in Asia Pacific regions for instance, and to discuss in good faith future business structure.
“As a developer and a provider of a variety of social infrastructure business in addition to traditional shipping, MOL is honored 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 the Kingdom of Bahrain and Asia-Pacific regions.” said Takeshi Hashimoto, President & CEO of MOL.
“We have recently concluded a study confirming that the Kingdom of 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 of Bahrain’s climate targets.” said Mark Thomas, Group CEO of Bapco Energies.
Source: Mitsui O.S.K.Lines
