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Experienced and technically skilled companies are joining the coalition between South Korea and Malaysia for the Carbon Capture & Storage (CCS) project.
According to SK Innovation on the 11th, companies participating in the Shepherd CCS Project, including SK energy, SK E&S, Samsung Engineering, Samsung Heavy Industries, LOTTE Chemical, and Malaysia’s PETRONAS, have renewed and signed a Memorandum of Understanding (MOU) with new members including Korea National Oil Corporation, Hanwha Corp, Air Liquide Korea, and Shell Gas & Power Developments B.V.
The Shepherd CCS Project aims to capture carbon dioxide emitted from domestic industrial complexes, accumulate it at a local hub, and then transport and store it in Malaysia. The project, as a CCS hub initiative among Asian countries, simultaneously focuses on developing the entire value chain, capturing significant attention.
Moreover, with the recent emphasis on reducing national CO2 through CCUS, the target to reduce carbon dioxide has been adjusted from 10.3 million tons to 11.2 million tons by 2030, further highlighting the significance of this project.
The participating companies signed an MOU regarding business development last August and are currently conducting a feasibility study. They have provisionally confirmed at least one location for the domestic hub and carbon storage in Malaysia. With the expansion of the participants, not only will technical and professional expertise be enhanced, but the potential carbon capture sources will also be secured, accelerating the project’s momentum.
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