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) value chain, where MOL provides marine transportation of liquified CO2 and Bapco Energies provides the sequestration sites.
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.
"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.