New Delhi: Mitsui O.S.K. Lines (MOL) and Bapco Energies BSC announced a memorandum of understanding (MoU) for the development of cross-border carbon dioxide (CO2) transport and sequestration. The MoU aims to create a carbon capture and storage (CCS) value chain that includes MOL’s liquefied CO2 maritime transport and Bapco Energies, which will provide the sequestration site.
The collaboration between Tokyo-based Mitsui O.S.K. Lines and Bahrain-based Bapco Energies is focused on building a low-carbon/decarbonized society. Under the agreement, the companies will conduct a study to estimate the cost of using Bapco Energy’s permanent carbon storage facility in Bahrain. This study will cover the costs associated with the receipt of his CO2 at the terminal, as well as the unit cost of transporting liquefied CO2.
Additionally, MOL and Vapco Energies plan to explore potential markets in the Asia-Pacific region and build their future business structure.
Mitsui O.S.K. Lines President and CEO Takeshi Hashimoto expressed enthusiasm about the partnership. “This partnership with Bapco Energy is an exciting opportunity for MOL, not only in the shipping industry but also as a provider of diverse social infrastructure businesses. and the Asia-Pacific region,” he said.
Mark Thomas, Group CEO of Bapco Energy, underlined the strategic importance of this agreement for Bahrain. “Our recent research has confirmed that Bahrain’s CO2 storage capacity is well above its 2060 net zero target. This MoU with MOL “This is an important step in realizing our commitment to a carbon future.”