PETRONAS CCS Ventures and DNV sign price framework agreement

PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures), a 100% subsidiary of PETRONAS, and DNV have recently signed a Framework Pricing Agreement for the certification of carbon dioxide (CO2) storage sites and associated facilities for Capture and Carbon Storage (CCS) in Malaysia.

This agreement is based on a Memorandum of Understanding signed between PETRONAS and DNV in 2022, during which strategic working groups delved into issues relevant to CCS.

“PETRONAS CCS Ventures is pleased to join forces with DNV and embark on another journey towards consolidating Malaysia’s position as a leading CCS hub in Southeast Asia. “This agreement signifies PETRONAS CCS Ventures’ dedication to ensuring our CCS development meets international standards, as we leverage our strategic resources and expertise to drive significant change in the region’s energy landscape,” said Emry Hisham Yusoff, CEO of PETRONAS CCS Ventures.

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“This strategic partnership between DNV and PETRONAS CCS Ventures marks a watershed moment in the advancement of CCS technology in Malaysia and the broader Asian region. It is a testament to our commitment to sustainability and our role in leading the transition to a low-carbon future. Together, we are setting a new standard for industry collaboration and innovation in pursuit of the region’s goal of net zero emissions by 2050,” said Brice Le Gallo, Vice President and Regional Director of APAC, Energy Systems at DNV.

This strategic partnership between DNV and PETRONAS CCS Ventures marks a defining moment in the advancement of CCS technology in Malaysia and the broader Asian region

PETRONAS has committed to achieving net-zero carbon emissions by 2050 and has set growth targets for cleaner energy solutions, including CCS. Substantial progress has already been made, with the Kasawari CCS project currently under construction, several CCS centers in development and the announcement of major international agreements.

DNV is ideally positioned to help PETRONAS ensure that the emerging Malaysian CCS industry adheres to international standards and best practices. DNV has been involved in the development of CCS installations around the world for more than 20 years, providing specialized services spanning the entire CCS value chain.