MOSCOW (MRC) -- Malaysian state-owned energy giant Petroliam Nasional Berhad, or Petronas, has signed a MoU with Posco International Corporation and Posco Engineering & Construction Co. Ltd to jointly explore opportunities in CCS technologies as well as CO2 storage solutions in Malaysia, according to Hydrocarbonprocessing.
Both parties will assess opportunities to unlock CCS potential and identify suitable technology within the scope of carbon capture, transportation of CO2 and storage for potential application.
Adif Zulkifli, Petronas' Executive Vice President and Chief Executive Officer of Upstream said, "Given the multiple business adjacencies between Petronas and Posco, we are delighted to collaborate in unlocking the opportunities and potential of CCS. This is one of the many efforts to establish Malaysia as a leading CCS solutions hub in the region. Posco is the largest steel manufacturer in Korea and this collaboration will allow Petronas to leverage on Posco’s experience especially in carbon capture and transportation.”
Under the MoU, Petronas and Posco will collaborate and perform technical maturation activities to unlock CCS potential in Malaysia.
Petronas is taking deliberate steps to build a resilient and sustainable portfolio to support the transition towards lower carbon energy sources, including evaluating the application of technology towards lowering emissions across the value chain which will encompass carbon capture, transport and storage.
As MRC reported earlier, in January 2021, Petronas said it aims to become a net zero emitter of greenhouse gases by 2050 and also plans to increase its investments in renewable energy.
We remind that in June 2019, Petronas and Saudi Aramco started operations at their new 1.2-million-tonnes-per-year naphtha cracker. The cracker is part of the USD2.7 billion joint-venture oil refinery and petrochemical project known as RAPID - or Refinery and Petrochemical Integrated Development - located in Pengerang in the state of Johor, at the southern tip of peninsular Malaysia.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,047,100 tonnes in the first ten months of 2021, up by 17% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,226,530 tonnes in January-October 2021, up by 26% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding stat-copolymers of propylene (PP random copolymers) decreased significantly.
Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
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