Nippon Steel, Mitsubishi Corporation and ExxonMobil to evaluate and establish CCS value chains in the Asia Pacific region
Nippon Steel Corporation, Mitsubishi and ExxonMobil Asia Pacific Pte. Ltd. have signed a Memorandum of Understanding to jointly study carbon capture and storage (CCS) and the establishment of potential CCS value chains in the Asia Pacific regions.
Based on the Memorandum, the three companies will conduct research on the capture of CO2 emissions from Nippon Steel’s domestic steel works, and evaluate the necessary infrastructure development required, with a view to establishing CCS value chains in the Asia-Pacific region. This will also include a detailed evaluation of Asia Pacific storage opportunities, including in Malaysia, Indonesia and Australia. Mitsubishi Corporation plans to evaluate the overseas CO2 transportation and the development of CCS value chain. This is the first study to develop value chains for carbon capture in Japan with the aim to store elsewhere overseas in the region.
Through this study, Nippon Steel will progress the implementation of CCS including securing storage sites for overseas storage of CO2 generated from steel works, developing storage infrastructure, advocating for policies and regulation, and examining its cost adequacy.
Mitsubishi Corporation has identified Energy Transformation (EX) as a key initiative in its Roadmap for a Carbon Neutral Society formulated in October 2021 and its Medium-Term Management Strategy 2024 released in May last year. Mitsubishi Corporation will evaluate the overseas CO2 transportation and the development of CCS value chain through this joint effort.
Similarly, ExxonMobil has pledged a commitment to accelerating significant emission reductions through strategic collaborations and through leading the development and deployment of scalable lower-emission technologies, such as CCS, needed to advance solutions for various industries in the Asia Pacific region and beyond.