Malaysia and Japan Ink Cross-Border Carbon Capture and Storage Agreement

Malaysia's national oil and energy group, Petronas, has signed a Memorandum of Cooperation (MoC) with Japan's Ministry of Economy, Trade, and Industry (METI) and the Japanese Organization for Metals and Energy Security (JOGMEC). This MoC aims to strengthen collaboration on cross-border CO2 transportation for Carbon Capture and Storage (CCS) projects. CCS is crucial for reducing CO2 emissions, and as suitable storage sites are not available in all regions, cross-border transportation is essential for regional collaborations. The agreement seeks to enhance economic, industrial, and social development by building a CCS value chain and business model for carbon neutrality. It also facilitates information exchange on CCS and relevant regulations between Petronas and Japanese industries.