MOL and JX have agreed to develop a cross border CCS value chain
MOL and JX have agreed to create an MoU to allow them to focus on the development of a cross border CCS value chain, which will be based throughout Japan. This CCS value chain will be established through capturing emissions from ENEOS refinery, plus other close by and similar industries within Japan.
The purpose of the CCS value chain will be to work towards the creation of a carbon-neutral society and the MoU between MOL and JX will enable the companies to concentrate on contributing to this drive. Whilst the MoU will help the companies to do this, both MOL and JX have agreed that in order to help this drive further themselves, they will accelerate their initiatives and push forwards into the creation of this CCS value chain.
The value chain will operate through a system which involves the carbon dioxide, once captured, being transported to the Port of Bonython in Australia, via Co2 carrier. At this location it will be injected into the selected storage site, where it will stay.
MOL and JX will focus on different sides of this project, to make it more manageable and to allow each company to focus on their own specified skills. MOL will focus on choosing the correct liquefied Co2 carrier and they will select this carrier based off of a set of criteria that will ensure the carrier is suitable for conditions at ports in Japan and Australia. The carrier will also be required to meet the expected Co2 transport distance and volume, whilst MOL will also assess the estimated marine transport costs, to make sure that the carrier fits those requirements too.
On the other hand, JX will dedicate their time to estimating and figuring out what the cost of the entire value chain will be. These costs will cover the whole chain, including everything between Japan and Australia.