MOUs Concluded on Joint Studies with Mitsubishi UBE Cement and Resonac Concerning CCS Value Chain Development between Malaysia and Japan

Apr. 2, 2024

Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has concluded memorandums of understanding concerning joint studies to be conducted with Mitsubishi UBE Cement Corporation ("MUCC") and Resonac Corporation ("Resonac"), respectively, with the aim of establishing a carbon capture and storage (CCS) value chain that will include the capture and transportation of CO2 and its storage at an offshore storage site in Malaysia* that Mitsui will jointly develop with Malaysia's state-owned oil company and a global multi-energy company.

Under the MOUs, MUCC and Resonac will conduct studies on separation, capture, liquefaction, and temporarily storage of CO2 emitted at MUCC's Ube Cement Plant and Resonac's Oita Complex, while Mitsui will study transportation and storage of the liquefied CO2 for permanent geological storage in offshore Malaysia. The studies will include verification of the technical requirements for each partner and calculations of the value chain costs involved.

Mitsui is carrying out studies separately with multiple companies, including The Kansai Electric Power Co. Inc., The Chugoku Electric Power Co. Inc., MUCC, and Resonac with the aim of using CCS to provide decarbonization solutions for various industries.

Mitsui is actively pursuing various initiatives with the aim of starting up a CCS business in the near future. These include equity investment in the UK CCS company Storegga Limited, and a contracted survey project relating to a feasibility survey on Japanese Advanced CCS Projects promoted by the Japan Organization for Metals and Energy Security (JOGMEC) in 2023. Mitsui will continue to use its expertise in the development of energy value chains, including energy resource development, as well as its extensive business networks, to contribute to the creation of an eco-friendly society through the global development of the CCS business.

* Since June 2023, Mitsui has been jointly developing an offshore CO2 storage site in Malaysia with PETRONAS CCS Solutions Sdn Bhd, affiliate of the Malaysian state-owned oil company Petroliam Nasional Berhad, and global multi-energy company TotalEnergies. The plan calls for the launch of a storage business by around 2030.

Company Profile

Official name Mitsubishi UBE Cement Corporation
Head Office Location Iino Building, 2-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo 100-8521
Established April 14, 2021
Representative Makoto Koyama, Representative Director & President
Number of employees Consolidated: 8,070 Non-consolidated: 1,943 (as of March 31,2023)
Business Activities Cement and ready-mixed concrete businesses in Japan and overseas (USA and others), limestone resources business, environmental and energy-related businesses (coal business, electric power business, environmental and recycling businesses), building materials business, and other associated businesses, etc.

Official name Resonac Corporation
Head Office Location Tokyo Shiodome Bldg., 1-9-1, Higashi-Shimbashi, Minato-ku, Tokyo 105-7325, Japan
Established October, 1962
Representative Hidehito Takahashi (Director, President & CEO)
Number of employees 8,060
Business Activities Electronics, Mobility, High performance materials, Olefins & derivatives, Basic chemicals, Graphite, Device solution

MUCC's Ube Cement PlantMUCC's Ube Cement Plant
Resonac's Oita ComplexResonac's Oita Complex

Mitsui’s Materiality

“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

    Secure sustainable supply of essential products

  • Enhance quality of life

    Enhance quality of life

  • Create an eco-friendly society

    Create an eco-friendly society

  • Develop talent leading to value creation

    Develop talent leading to value creation

  • Build an organization with integrity

    Build an organization with integrity


For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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