PETRONAS, MISC and MOL Announce Landmark Joint Venture To Advance Cross-border CO2 Transportation

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.