Mitsui O.S.K. Lines, and Bapco Energies B.S.C.  announced the signing of a memorandum of understanding  for development of cross border carbon dioxide  transport and sequestration with the goal of establishing a carbon dioxide capture and storagevalue chain, where MOL provides marine transportation of liquified CO₂ and Bapco Energies provides the sequestration sites

CCS is regarded as one of the most effective solutions to realize a low-carbon/decarbonized society. MOL and Bapco Energies will collaborate on the future establishment of a CCS value chain consisting of separation, capture, transport, injection and storage of CO₂ through the following studies.

(1) To conduct the study of the estimated cost of CO₂ for using the permanent CO₂ storage owned and operated by Bapco Energies in the Kingdom of Bahrain, including the receiving cost of CO₂ at the CO₂ receiving terminal, and the unit cost of liquified CO₂ transportation by ship.

(2) To jointly conduct the study of the potential markets in Asia Pacific regions for instance, and to discuss in good faith future business structure.

“As a developer and a provider of a variety of social infrastructure business in addition to traditional shipping, MOL is honored and excited to have an opportunity to collaborate with Bapco Energies. We believe there is a significant synergy in our cooperation to create CCS value chain, also to become a bridge between the Kingdom of Bahrain and Asia-Pacific regions.” said Takeshi Hashimoto, President & CEO of MOL.

“We have recently concluded a study confirming that the Kingdom of Bahrain’s CO₂ storage capacity exceeds its needs to meet its Net-Zero target by 2060. This opened exciting opportunities for us, including the development of cross-border CO₂ transportation and storage. This collaboration with MOL underscores our unwavering dedication to achieving a low-carbon future in line with the Kingdom of Bahrain’s climate targets.” said Mark Thomas, Group CEO of Bapco Energies.