DNV and PETRONAS Collaborate to Drive Sustainability in Malaysia’s Energy Sector

DNV and PETRONAS Collaborate to Drive Sustainability in Malaysia’s Energy Sector

(IN BRIEF) DNV and PETRONAS CCS Ventures have solidified their collaboration with the signing of a Master Price Agreement aimed at certifying carbon dioxide (CO2) storage sites and associated facilities for carbon capture and storage (CCS) projects in Malaysia. Building on a previous Memorandum of Understanding, the partnership signifies a significant stride towards advancing CCS technology in Malaysia and the wider Asian region. This move underscores PETRONAS’ commitment to achieving net zero carbon emissions by 2050 and DNV’s expertise in supporting the development of CCS facilities globally for over 20 years. Together, they aim to set new industry standards and drive sustainability in Malaysia’s energy sector while establishing the country as a leading hub for CCS initiatives in Southeast Asia.

(PRESS RELEASE) BÆRUM, 6-Jun-2024 — /EuropaWire/ — In a significant step towards advancing carbon capture and storage (CCS) technology in Malaysia and the broader Asian region, DNV and PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures) have announced the signing of a Master Price Agreement. This agreement aims to facilitate the certification of carbon dioxide (CO2) storage sites and associated facilities for CCS projects in Malaysia.

The collaboration between DNV and PETRONAS CCS Ventures builds upon a Memorandum of Understanding inked in 2022, where strategic working groups explored various topics pertinent to CCS initiatives.

Brice Le Gallo, Vice President and Regional Director APAC, Energy Systems at DNV, highlighted the significance of this partnership in driving sustainability and catalyzing the transition towards a low-carbon future. Le Gallo expressed optimism about setting new industry standards through collaborative efforts, underscoring the shared commitment to achieving the region’s net zero by 2050 objective.

Emry Hisham Yusoff, Chief Executive Officer of PETRONAS CCS Ventures, echoed these sentiments, emphasizing the company’s dedication to establishing Malaysia as a prominent CCS hub in Southeast Asia. He emphasized PETRONAS CCS Ventures’ focus on meeting international standards while leveraging strategic resources and expertise to drive positive changes in the region’s energy landscape.

PETRONAS has committed to achieving net zero carbon emissions by 2050 and has set growth targets for cleaner energy solutions, including CCS. Notable progress has already been made, with the Kasawari CCS project underway and several CCS hubs in development.

DNV, with over two decades of experience in CCS facility development globally, is well-positioned to support PETRONAS in ensuring compliance with international standards and best practices. Their involvement spans the entire CCS value chain, making them a valuable partner in Malaysia’s journey towards sustainable energy solutions.

Media Contacts:

Neil James Slater
Head of Media Relations, Energy Systems
Phone: +44 2038165702

Michelle Gozum
Business Partner – Marketing, Communications & Public Affairs APAC

Penda Sall
Media Relations, Energy Systems
Phone: +33 651 69 88 64

SOURCE: DNV