PETRONAS, MISC and MOL Announce Landmark Joint Venture to Advance Cross-Border CO2 Transportation

^{Representatives from PETRONAS, MOL, and MISC collectively form the Board of Directors of Jules Nautica.}


KUALA LUMPUR, June 17 (Bernama) -- PETRONAS CCS Ventures Sdn. Bhd. (PCCSV), MISC Berhad (MISC), and Mitsui O.S.K. Lines, Ltd., (MOL) today announced the incorporation of a strategic joint venture (JV), Jules Nautica Sdn. Bhd. This JV will lead the development and act as the ultimate owner of Liquefied Carbon Dioxide (LCO₂) carriers, which are critical for transporting LCO₂ to designated storage sites as part of advancing carbon capture and storage (CCS) solutions.

The three parties have recently completed the Front-End Engineering Design (FEED) for a 62,000 cubic meter LCO2 carrier, which was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI). In December 2024, this jointly developed design received the General Approval for Ship Application (GASA) certification from DNV, establishing it among the most developed Low Pressure Low Temperature LCO2 carrier designs in the industry.

The JV aims to become a leading owner of LCO2 carriers, facilitating the safe and efficient transportation of LCO2 to designated CO₂ storage sites. Focused on supporting future CCS projects across the Asia Pacific region, the JV will also play a key role in completing the CCS value chain. Through strategic commercial agreements with CO2-emitting industries and storage companies, this partnership will provide a critical cross-border solution to meet growing environmental and regulatory needs.

Emry Hisham Yusoff, PCCSV’s Chief Executive Officer added, “This joint venture marks a pivotal step forward in our collective mission of advancing decarbonisation efforts in the region. By leveraging the strengths of PCCSV, MISC, and MOL, we are progressing the development of LCO2 carriers and working towards more efficient shipping solutions. This collaboration highlights our focus on responsible innovation.”

Zahid Osman, President & Group CEO of MISC said, “The energy transition is not just about adapting; it is about #deliveringProgress. We believe that meaningful progress requires collaboration with like-minded partners who share our vision for a more sustainable future. Our partnership with PETRONAS and MOL on LCO2 shipping is aligned with our strategic focus on advancing low-carbon solutions, as we work collaboratively to accelerate the maturation of technologies across the CCS value chain.

“When it comes to building a sustainable energy future, we all have a role to play in connecting the dots between challenge and solution. Initiatives like these reflect the direction we are taking, as we continue to explore and forge partnerships that will advance the development of low-carbon solutions and ensure our maritime pathways remain integral to a sustainable energy landscape.”

Takeshi Hashimoto, MOL’s President & CEO added, “This joint venture will play a crucial role in the transportation of LCO2, which is indispensable for cross-border CCS projects. The three companies coming together emphasise the need for collaboration within the industry to help realise CCS. Furthermore, this collaboration will lead decarbonisation efforts across the Asia-Pacific region beyond Malaysia and Japan and will contribute to the realisation of a carbon-neutral society.”

The joint venture recognises the critical role of cross-border collaboration in addressing our mutual goal in transitioning the region responsibly towards a low-carbon future.

About PCCSV:
PETRONAS CCS Ventures Sdn Bhd (PCCSV), a wholly owned subsidiary of Petroliam Nasional Berhad (PETRONAS), was established to spearhead projects across the Carbon Capture and Storage (CCS) value chain in Malaysia. To date, PCCSV has entered into strategic collaborations with selected parties related to CCS projects and development in Malaysia through various applicable and suitable arrangements.

About MISC:
MISC Berhad is an international maritime corporation with more than 55 years of experience in the dynamic maritime industry. Our extensive global footprint allows us to deliver a wide range of solutions that cater to various areas within the maritime-related energy value chain.
At the heart of MISC’s success is our modern and diversified fleet of vessels and floating assets, complemented by the expertise of our diverse global workforce at sea and shore.
As a future-focused organisation, we are committed to leading from the front, propelling the maritime industry into the future, and achieving society’s aspiration for a just energy transition. For more information, visit https://www.miscgroup.com

About MOL:
Mitsui O.S.K. Lines (MOL) was established in 1884 and headquartered in Tokyo, is one of the world's leading ocean shipping companies, operating over 900 vessels worldwide. It is developing various social infrastructure businesses, technologies, and services centered on marine transport to meet the ever-changing needs of society, such as environmental protection. MOL's fleet includes dry bulkers, LNG carriers, car carriers, and tankers. In addition to the traditional shipping business, it is also developing social infrastructure businesses such as terminals, logistics, and offshore wind power, as well as wellbeing life businesses such as real property, cruises, and ferries. For details, please visit https://www.mol.co.jp/en/

Issued by
Media Communications
Group Strategic Relations & Communications
PETRONAS

SOURCE: PETRONAS

FOR MORE INFORMATION, PLEASE CONTACT: 
PETRONAS
Name: Hana Nazsulaeeqa Harun
Tel: 010-455 3378
Email: hananazsulaeeqa.haru@petronas.com

--BERNAMA