In the South Korea – Malaysia Carbon Capture & Storage (CCS) Project alliance, experienced and technologically capable companies have joined forces to propel the project’s advancement through strengthened capabilities.
Originally comprised of esteemed entities such as SK Energy, SK Earthon, Samsung Engineering, Samsung Heavy Industries, Lotte Chemical, and Petronas Malaysia, the Shepherd CCS Project has now welcomed a fresh wave of participants into its fold.
Among the new additions are the Korea National Oil Corporation, Hanwha Corporation, Air Liquide Korea, and Shell Gas & Power Developments B.V.
On August 11, these companies collectively announced the renewal and formal signing of a Memorandum of Understanding (MOU), underscoring their commitment to this collaborative endeavor.
Central to the Shepherd CCS Project's mission is the meticulous capture of carbon dioxide emissions stemming from industrial complexes within South Korea. These emissions are subsequently aggregated at a central hub located within the country before being transported and securely stored in designated sites within Malaysia.
Noteworthy for its comprehensive approach to the entire value chain cycle of Carbon Capture Utilization and Storage (CCUS), this project has garnered attention for its pioneering stance. Its significance has been further amplified in light of South Korea's recent elevation of its national carbon dioxide (CO2) reduction target through CCUS, which now aims for a reduction of 11.2 million tons by 2030, up from the previous goal of 10.3 million tons.
The anticipated augmentation of participating corporations is poised to yield a twofold advantage: a bolstering of technological prowess and expertise, and an expedited project timeline through the secured acquisition of potential carbon capture sources.
The recent entrants, including Korea National Oil Corporation, Hanwha Corporation, Air Liquide Korea, and Shell Gas & Power Developments B.V., are well-positioned to contribute substantively to this collaborative venture.
