Bapco Energies and Mitsui O.S.K. Lines (MOL) have signed a memorandum of understanding for cross-border carbon dioxide transport and sequestration, aiming to establish a carbon dioxide capture and storage (CCS) value chain.
CCS is regarded as one in a series of important initiatives to realize a low-carbon/decarbonized economy.
MOL and Bapco Energies will jointly conduct detailed studies with a view to collaborating on the future establishment of a CCS value chain consisting of separation, capture, transport, injection and storage of CO2.
“As a developer and a provider of social infrastructure services in addition 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.
