In June 2025, Petronas CCS Ventures (PCCSV), MISC and Mitsui O.S.K. Lines (MOL) formally launched a joint venture to accelerate the development of cross-border carbon dioxide transport infrastructure across the Asia-Pacific region.
The new entity, named Jules Nautica, will build and own liquefied carbon dioxide (LCO2) carriers that will transport captured CO2 to permanent storage sites. The joint venture aims to support regional carbon capture and storage (CCS) projects by providing a scalable maritime transport solution.
The engineering process includes the completion of the front-end engineering design for a 62,000 cubic metre LCO2 carrier by the Shanghai Merchant Ship Design and Research Institute (SDARI) in China. The design received General Approval for Ship Application from DNV in December 2024 and is among the most advanced low-pressure, low-temperature LCO2 carrier designs currently in development.
‘This joint venture marks a pivotal step forward in our collective mission of advancing decarbonisation efforts in the region,’ said Emry Hisham Yusoff, CEO of Petronas CCS Ventures. ‘By leveraging the strengths of PCCSV, MISC and MOL, we are progressing the development of LCO2 carriers and working towards more efficient shipping solutions.’
Zahid Osman, President and Group CEO of MISC, commented: ‘Our partnership with PETRONAS and MOL on LCO2 shipping is aligned with our strategic focus on advancing low-carbon solutions, as we work collaboratively to accelerate the maturation of technologies across the CCS value chain.’
The joint venture will establish commercial agreements with industrial emitters and storage providers to facilitate the full CCS value chain. Its geographic focus includes Malaysia, Japan and neighbouring regional markets, which reflects the need for integrated cross-border logistics to support industrial decarbonisation.
Takeshi Hashimoto, President and CEO of MOL, said: ‘This joint venture will play a crucial role in the transportation of LCO2, which is indispensable for cross-border CCS projects. This collaboration will lead decarbonisation efforts across the Asia-Pacific region beyond Malaysia and Japan and will contribute to the realisation of a carbon-neutral society.’
The development is part of a wider trend in the commercialisation of CO2 transport technologies. Other market participants, including K Line and Yinson Production, have also announced LCO2 initiatives aimed at European CCS projects.
