Bahrain-based Bapco Energies has signed a memorandum of understanding with Japanese transport company, Mitsui O.S.K. Lines (MOL) for the development of cross-border carbon dioxide (CO2) transport and sequestration with the goal of establishing a carbon dioxide capture and storage (CCS) value chain.
According to the statement, MOL provides marine transportation of liquified CO2 and Bapco Energies provides the sequestration sites.
CCS is regarded as one in a series of important initiatives to realize a low-carbon or decarbonized economy. MOL and Bapco Energies will jointly conduct detailed studies with a view to collaborating on the future establishment of a CCS value chain consisting of separation, capture, transport, injection, and storage of CO2.
Mr. Takeshi Hashimoto, President and CEO of MOL, said that, “As a developer and a provider of social infrastructure services 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, and also to become a bridge between the Kingdom of Bahrain and Asia-Pacific regions.”
“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 Mr. Mark Thomas, Group CEO of Bapco Energies.