From left: Chairman and CEO of TotalEnergies SE, Patrick Pouyanné; PETRONAS President and Group CEO, Tan Sri Tengku Muhammad Taufik; and Representative Director, Senior Executive Managing Officer of Mitsui & Co., Toru Matsui
KUALA LUMPUR: Petroliam Nasional Bhd (PETRONAS) has inked a development agreement with TotalEnergies Carbon Neutrality Ventures and Mitsui & Co Ltd to jointly pursue a carbon capture and storage (CCS) project in Malaysia.
In a statement, PETRONAS said the scope of the agreement covers all aspects of CCS development from evaluating maturing depleted field and saline aquifers for storage, to identifying potential customers and establishing the necessary commercial and legal frameworks.
It said the partnership also paves the way for the first of its kind integrated CCS solution for industries in the Asia Pacific region.
"PETRONAS is proud to collaborate with forward-looking partners such as TotalEnergies and Mitsui in developing solutions through CCS to move us closer towards a lower-carbon future.
"The strategic partnership demonstrates PETRONAS’ commitment to position Malaysia as a regional CCS hub to capture opportunities in the energy transition with a focus on reducing the carbon footprint of our operations to continue delivering the energy needs of today,” said PETRONAS president and group CEO Tan Sri Tengku Muhammad Taufik.
According to PETRONAS, the agreement will take forward the initiatives outlined in the respective Memoranda of Understanding signed by PETRONAS, TotalEnergies and Mitsui in 2022.
