PETRONAS, SK Energy, SK E&S Company Limited, Samsung Engineering, Samsung Heavy Industries, LOTTE Chemical have signed a memorandum of understanding (MoU) with Korea National Oil Corporation (KNOC), Hanwha Corporation, Air Liquide Korea, and Shell Gas & Power Developments B.V. for a carbon capture and storage (CCS) project between Malaysia and South Korea.
The Shepherd CCS project will capture carbon emissions from industrial complexes, accumulate it at a local hub, and then transport and store it at a facility in Malaysia. The aim is to develop an entire value chain.
The participating companies are currently conducting a feasibility study and are exploring sites for additional hubs in South Korea and carbon storage in Malaysia.