Thu. Jan 27th, 2022

© Reuters. FILE PHOTO: Motorists queue to fill natural gas at a Petronas station with its landmark Petronas Twin Towers headquarters in the background, in Kuala Lumpur February 4, 2012. REUTERS/Bazuki Muhammad

KUALA LUMPUR (Reuters) – Malaysia’s state oil firm Petroliam Nasional Berhad (Petronas) on Tuesday signed an agreement with a subsidiary of Royal Dutch Shell (LON:) to collaborate on carbon capture and storage (CCS) in the Southeast Asian country and the region.

    Under the Joint Study and Collaboration Agreement, Petronas and Sarawak Shell Berhad will perform an integrated CCS Area Development Plan study within several locations offshore Sarawak, Petronas said in a statement.

    “This is one of the many efforts to position and establish Malaysia as a leading CCS solutions hub in the region,” said Adif Zulkifli, Petronas’ Executive Vice President and Chief Executive Officer of Upstream. 

    Petronas said the scope of the agreement includes exploring the provision of decarbonisation service to Shell’s local and cross-border facilities, as well as to other potential regional customers.

    Petronas last year signed a memorandum of understanding (MoU) with ExxonMobil (NYSE:) Exploration and Production Malaysia Inc., and another with POSCO (NYSE:) International Corporation and POSCO Engineering & Construction Co. Ltd to explore opportunities in CCS technologies.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link