Carbon capture, utilisation, and storage (CCUS) is acknowledged by many in industry and government to be a critical factor in achieving net-zero economy by 2050.
In order to help create a pathway towards a net-zero economy, three leading companies, AB Klaipedos nafta (KN), Larvik Shipping AS (LS), and Mitsui O.S.K. Lines, Ltd. (MOL) have reached an agreement to commence a feasibility study to develop liquefied CO2 (LCO2) loading facilities at KN’s existing infrastructure in Klaipeda, Lithuania.
With verified emissions from installations covered by the European Emissions Trading Scheme in Lithuania alone reaching approximately 6 million tonnes of CO2 in 2022, it was identified that carbon capture is an area that must be investigated further.
In addition to carbon capture, the study indicated that further research may also help accelerate the clean hydrogen production from fossil fuels.
The scope of the project encompasses the desire to prioritise the ability to optimise design and configuration to export CO2 to one or more sequestration facilities within Europe.
Having 30 years’ experience in LCO2 marine transportation, LS, a Norwegian ship management company, accepted equity from MOL, a Japanese multi-modal marine transport company based in Japan, earlier this year. Both companies now work closely together to accelerate LCO2 business.
KN, a big player in the global LNG market, has experience bridging energy markets, being able to enable customers to supply and trade energy resources worldwide. In 2020, the Lithuanian oil and LNG operator participated in the formation of the Lithuanian Hydrogen Platform – a platform that brings industry and government together in a decarbonisation partnership.