NYK to Conduct Study on Transportation of Liquefied CO2
On August 25, NYK was commissioned by a consortium comprising ENEOS Corporation, Electric Power Development (J-POWER), and JX Nippon Oil & Gas Exploration to conduct a study on the marine transportation of liquefied carbon dioxide (CO2).
The study is part of a fiscal 2023 feasibility study on advanced carbon capture and storage (CCS) projects in Japan.
NYK will study the economics and feasibility of the technology for transporting by ship CO2 emitted in western Japan from ENEOS refineries and J-POWER thermal power plants to a point where the CO2 can be injected underground.
The consortium aims to start implementing a large-scale value chain from CO2 separation and capture to transportation and storage by fiscal 2030 to contribute to Japan's greenhouse gas emission reduction targets while achieving a stable energy supply.
The potential storage site is off Kyushu, and the storage volume is anticipated to be 3 million tons/year.
In 2022, NYK established Knutsen NYK Carbon Carriers (KNCC), a joint venture with Norway's Knutsen Group, to develop and market new businesses related to the marine transportation and storage of liquefied CO2. Through KNCC, NYK is studying the optimal method of transporting liquefied CO2.