ENEOS Corporation (hereinafter "ENEOS"), JX Nippon Oil & Gas Exploration Corporation (hereinafter "JX Nippon"), Mitsubishi Corporation, and PETRONAS CCS Solutions Sdn Bhd (hereinafter “PCCSS”), an affiliate of Petroliam Nasional Berhad (hereinafter "PETRONAS"), the Malaysian national  oil company, have signed a Memorandum of Understanding (hereinafter, the "Memorandum"), on March 1^st, 2024 to jointly study carbon capture and storage (hereinafter “CCS”) and the establishment of potential CCS value chains from carbon dioxide (CO2) capture and accumulation in Tokyo Bay, shipping, and CO2 storage in Malaysia.

 

Based on the Memorandum, the four companies will conduct research on the capture of CO2 emissions from multiple industries in Tokyo-Bay (Keihin and Keiyo areas), necessary equipment, CO2 transport, CO2 storage sites, CCS business feasibility and CCS related legislation in Japan and Malaysia.

 

The amount of CO2 to be captured and accumulated in the region is expected to be around 3 million tonnes per year. This will be one of the largest scale of the currently planned CCS projects by Japan, with the aim of starting operation by FY2030. Potentially, we explore to capture approximately 6 million tonnes of CO2 per year in the region.

 

Japanese government declared to achieve carbon-neutral, decarbonized society by 2050 and they plan to start CCS projects in 2030. They also set the quantitative target of 120 million to 240 million tonnes per year CCS in 2050. CO2 storage at overseas in addition to domestic storage are highly expected in Japan, as a large amount of CO2 reduction is necessary.

 

The roles of the 4 companies are as follows.

 

[Message from all four companies]

The four companies have jointly started the evaluation of the overseas CCS value chain creation from Tokyo-Bay (Keihin and Keiyo) to Malaysia. Taking advantage of our knowledge of oil and gas development and experience in establishment of energy value chains, the four companies will work together with the Japanese government, the Malaysian government, local governments, CO2 emitters and engineering companies to study the feasibility of accumulating one of the largest amount of emissions in Japan and storage in Malaysia.

 

[Company Overview]

 

 

 

 

 

 

Based on the Three Corporate Principles, which serve as MC’s core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. MC’s revised “Materiality” was announced in Midterm Corporate Strategy 2024 as a set of crucial societal issues that MC will prioritize through its business activities, towards the strategy’s goal of continuous creation of MC Shared Value (MCSV). Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to “Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually”, this project’s activities particularly support “Contributing to Decarbonized Societies ” and “Promoting Stable, Sustainable Societies and Lifestyles”.