Six industry leaders in South Korea announced their partnership with the Malaysian national energy company PETRONAS to undertake a cross-border Carbon Capture and Storage (CCS) project on Aug. 2.
The six South Korean companies are SK Energy, SK Earthon, Samsung Engineering, Samsung Heavy Industry, Lotte Chemical, and GS Energy. They signed a Memorandum of Understanding (MOU) with PETRONAS to jointly develop the Shepherd CCS Project, an international project between South Korea and Malaysia to capture, transport, and store carbon dioxide (CO2).
The signing ceremony was held in Petronas Twin Towers, Kuala Lumpur, on August 2nd. Officials have attended the ceremony online and in-person.
The project aims to capture CO2 emitted from industrial complexes in South Korea and collect them in the domestic hub. Afterward, it will be transported to and stored in Malaysia.
The participating companies will search for the local storages in Malaysia, and develop the complete CCS value chain that encompasses the process of capturing, transporting, and storing CO2. The parties will undertake feasibility studies first, and then move on to developing stage.