PETRONAS Signs MoU with Six South Korean Companies to Explore Opportunities in CCS Value Chain

KUALA LUMPUR, 2 August 2022 – PETRONAS today signed a Memorandum of Understanding (MoU) with six South Korean companies to undertake conceptual and feasibility studies towards establishing a full value chain related to carbon dioxide (CO2) capture, transport and storage.

The six companies are Samsung Engineering Co., Ltd., Samsung Heavy Industries, SK Earthon Co., Ltd., SK Energy Co., Ltd., GS Energy Corporation and Lotte Chemical Co.

The signatories of the MoU were PETRONAS Head of Carbon Management, Emry Hisham; Samsung Engineering Executive Vice President, Solution Business Division, Cheonhong Park; SK Energy Executive Vice President, Energy Net Zero Office, Jeongeui Hong; SK Earthon Executive Vice President, Technical Center, Youngju Han; Samsung Heavy Industry Vice President, Global Business Team, Jinmo Kim; GS Energy Vice President, Hydrogen & New Business Division, Paul Sunghoon Lee; and Lotte Chemical Vice President, Environment Management Division, In-Chol Park. The signing was witnessed by PETRONAS Executive Vice President and Chief Executive Officer of Upstream, Datuk Adif Zulkifli.

The MoU will also involve the evaluation of potential CO2 storage sites in Malaysia and exploration of other areas across the CCS value chain, including the strengthening of cross-border CO2 transportation.

Emry said, “The feasibility studies undertaken through this collaboration will identify suitable technologies for the CCS and transportation value chain, bringing PETRONAS closer towards establishing Malaysia as a leading regional CCS solutions hub.”

This collaboration is part of PETRONAS’ deliberate steps to build a sustainable portfolio with innovative solutions to produce energy responsibly, supporting the transition to a lower carbon future through collaborative efforts with industry partners.