MITSUI O.S.K. Lines has acquired approval in principles for a liquified carbon dioxide carrier from classification societies DNV and the American Bureau of Shipping.

ABS also issued an AIP for a floating storage and offloading unit.

MOL, Malaysian state oil company Petronas and the Shanghai Merchant Ship Design and Research Institute (SDARI) jointly developed the carrier and the FSO.

Under a memorandum of understanding signed early last year, Petronas and MOL have been studying the best way to transport liquefied carbon dioxide by ocean in the Asia Pacific and Oceania regions. The two companies, in co-operation with SDARI, completed the concept study for the liquefied carbon dioxide carrier and FSO.

In a statement MOL said liquefied carbon dioxide FSOs are considered among the most effective ways to capture use and store carbon dioxide.

MOL senior managing executive officer Nobuo Shiotsu said: “Through the newly acquired AIP, the MOL Group will further accelerate this initiative on the CO2 transport business to contribute to reducing society’s overall GHG emissions.”

Upstream Petronas executive vice-president and chief executive officer Adif Zulkifli said: “LCO2 carriers for CO2 transportation play a key role in the carbon capture and storage value chain. The acquisition of the AIPs further strengthens Petronas’ commitment in offering decarbonisation solutions, aligned with our aspiration in establishing Malaysia as a leading CCS hub in the region.”

MOL said it would further collaborate with Petronas through the AIPs and will continue its efforts to develop various technologies including liquefied carbon dioxide carriers and FSOs, and build a diverse carbon capture, utilisation, and storage value chain, contributing to the realisation of a carbon-neutral society.