KUALA LUMPUR (June 7): Petroliam Nasional Bhd (Petronas) has entered into a master price agreement for the certification of carbon dioxide (CO2) storage sites and related facilities for carbon capture and storage (CCS) projects in Malaysia.

According to a statement from Petronas, the agreement was signed between its wholly owned subsidiary, Petronas CCS Ventures Sdn Bhd and DNV, an independent expert in risk management and assurance.

“Petronas CCS Ventures is pleased to join forces with DNV and embark on another journey towards solidifying Malaysia’s position as a leading hub for CCS in Southeast Asia,” said Petronas CCS Ventures chief executive officer Emry Hisham Yusoff. 

“This agreement signifies Petronas CCS Ventures’ dedication in ensuring that our CCS development meets international standards, as we harness our strategic resources and expertise to drive meaningful change in the region’s energy landscape,” he added. 

The agreement follows the memorandum of understanding signed between Petronas and DNV in 2022, during which strategic working groups explored topics relevant to CCS.

Petronas said it is committed to achieving net zero carbon emissions by 2050, and has established growth targets for cleaner energy solutions, including CCS. 

Substantial progress has already been made, with the Kasawari CCS project currently in construction, several CCS hubs in development, and major international agreements having been announced, the national oil and gas company added.