Mitsui O.S.K. Lines (MOL) has signed of a memorandum of understanding (MoU) with Cosmo Oil to study ocean transport, with the goal of establishing a carbon dioxide capture and storage (CCS) value chain.
In particular, MOL and Cosmo Oil will collaborate on the establishment of a “CCS value chain consisting of separation, capture, transport, injection and storage” of CO₂ emitted from Cosmo Oil’s refineries (emission sources), and conduct the following studies:
- Outline specifications of liquefied CO2 carriers suitable for the distance from the emission sources to the candidate storage sites in Japan and abroad, and the expected transport volume.
- Estimate of ocean transport costs based on the results of the study.
- Further possible collaborations on any potential projects on CCS, CO2 capture, separation, ocean transport, and reuse.
What is Carbon Capture and Storage?
Carbon capture and storage is a complex method describing the capture of carbon dioxide before it enters the atmosphere, its transportation and storage in coal seams, aquifers, depleted oil and gas reservoirs and other spaces deep under the surface of the Earth. The CCS includes three parts:
- Capturing the carbon dioxide;
- Transporting the carbon dioxide;
- Securely storing the carbon dioxide emissions, underground in depleted oil and gas fields or deep saline aquifer formations.
With this technology it is considered that up to 90% of the CO2 emissions produced from the use of fossil fuels can be captured. Maritime transport is expected to dominate the CCS value chain, which is why the maritime industry is already seeing a growing demand for liquefied CO2 (LCO2) carriers.
