Petroliam Nasional Bhd (Petronas), a state oil and gas (O&G) company, has signed a memorandum of understanding (MoU) with South Korea-based Posco International Corporation and Posco Engineering & Construction to jointly explore opportunities in carbon capture and storage (CCS) technologies and solutions in Malaysia.
The firms will evaluate ways to harness CCS potential and find feasible technologies for potential use in the areas of carbon capture, transportation, and storage.
The MoU is part of Petronas’ goal of transitioning its portfolio to lower-carbon energy sources and achieving net zero carbon emissions by 2050. The agency is also pursuing zero continuous flaring and venting of hydrocarbons.