Mitsubishi Corporation, ENEOS Corporation, JX Nippon Oil & Gas Exploration Corporation, JFE Steel Corporation, Cosmo Oil Co., Ltd., Nippon Shokubai Co., Ltd., and PETRONAS CCS Solutions Sdn Bhd, a subsidiary of Petroliam Nasional Berhad(PETRONAS), Malaysia’s national oil company, were commissioned to conduct a feasibility study on building an overseas CCS value chain targeting CO₂ emissions from multiple industries in the Tokyo Bay area (the “Study”)in an open call for the “Engineering Design Work for Advanced CCS Projects” in FY2024 by Japan Organization for Metals and Energy Security (“JOGMEC”).

Having a memorandum of understanding (MOU) on this project signed in March this year, three new companies, JFE Steel Corporation, Cosmo Oil Co., Ltd., and Nippon Shokubai Co., Ltd., have newly joined the Study.

The Study will examine facility designs of the CO₂ separation and capturing, liquefaction, transportation, and storage, as well as estimate costs, identify key risks, and verify the feasibility for the social implementation of CCS. The amount of CO₂ to be captured and accumulated in the region is expected to be around 3 million tonnes per year. Potentially, we explore to capture approximately 6 million tonnes of CO₂ per year in the region.

The 7 companies will utilize their expertise to establish a value chain and to verify related technologies aiming to make FID by FY2026 and start storing CO₂ by FY2030.

Related Release

Signing of Memorandum of Understanding on Study for Construction of Overseas CCS Value Chain with Tokyo Bay as Emission Source | Mitsubishi Corporation (mitsubishicorp.com)
Advanced CCS Projects | Japan Organization for Metals and Energy Security (JOGMEC)

About JFE Steel Corporation

JFE Steel Corporation, one of the world’s leading integrated steel producers, was established through the consolidation of NKK Corporation and Kawasaki Steel Corporation in 2003. The company operates several steelworks in Japan and numerous branch offices and affiliates throughout the world. JFE Steel leverages world-class technologies and know-how to produce a wide range of products based on its “Only One, Number One” strategy of focusing on unique and best-in-class products. The company reported consolidated sales of 2,255 billion yen and consolidated crude steel output of 23.96 million tons in the fiscal year ended March 2021.

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