Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) entered into an agreement for the joint development of CO2 storage site in Malaysia with Malaysia's national oil company Petroliam Nasional Berhad ("PETRONAS"), and TotalEnergies Carbon Neutrality Ventures (a subsidiary of the French multi energy company, "TotalEnergies"). The partnership intends to build an integrated carbon capture and storage (CCS) value chain in the Asia Pacific region.
Mitsui, PETRONAS and TotalEnergies have selected offshore Peninsular Malaysia as the location of underground sequestration of CO2, where the sub-surface structure is well known through oil and gas exploration and development activities in the past. Given its good maritime access from the industrial CO2 emitters in Asian countries, especially Japan, Malaysia is strategically located as an excellent potential CCS hub to connect regional industries to safe and permanent CO2 storage sites.
Under this collaborative framework, Mitsui, together with PETRONAS and TotalEnergies, will work together on technical evaluation and development concept of depleted field and other geological formations in the surrounding areas. The partnership will also take on the optimization of logistics, including the liquefied CO2 transportation by vessels and the designing of port facilities.
As part of its energy solutions business, Mitsui is actively engaged in CCS projects, which allow the company to leverage its knowledge including energy resource development and its extensive business networks. We will continue to contribute to the creation of an eco-friendly society through global business development leading to the provision of CO2 reduction solutions.
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity