Petros signs MoU with Posco to develop carbon capture business in Sarawak

Petroleum Sarawak Bhd (Petros) has signed a memorandum of understanding (MoU) with South Korea’s Posco Group to collaborate in the development of carbon capture utilisation and storage (CCUS) business in Sarawak.

Petros said the MoU was signed with three of Posco’s subsidiaries, namely Posco Holdings, Posco International and Posco Engineering and Construction Co Ltd, the Malaysian national news agency Bernama reported.

It said a joint study would be conducted on the potential carbon storage sites in Sarawak and the transportation of carbon dioxide (CO2) from Korea to the CCS hub in Sarawak.

“The collaboration would also include CO2 injection and sequestration, solutions to reduce, mitigate and/or avoid greenhouse gas (GHG) emissions arising from the CCS opportunities and assessing technical and commercial feasibility of the CCS business,” it said.

The signing ceremony was witnessed by the Premier of Sarawak Tan Sri Abang Johari Tun Openg, who said the agreement would be a step in the right direction to further solidify the relationship between Sarawak and South Korea in creating a sustainable energy future.

The Sarawak government recently updated the Sarawak Land Code Ordinance and developed the Carbon Capture and Storage Standards to include legislation regulating this new line of business.

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