Mitsubishi Corporation, Japan Steel Works, and ExxonMobil are partnering on CCS project

Mitsubishi Corporation, Japan Steel Works, and ExxonMobil have reportedly signed a memorandum of understanding (MOU) for a carbon capture and storage (CCS) project, according to multiple media reports on January 25th. According to the reports, Japan Steel Works will capture CO2 emissions from its steel mills in Japan, and ExxonMobil will investigate underground storage in CCS facilities in Australia, Malaysia, and Indonesia. Mitsubishi Corporation will handle the transportation of the liquefied CO2 to depleted gas fields and other storage locations using specialized ships. Reducing CO2 emissions from the steel industry, which accounts for about 7-9% of global CO2 emissions, is considered an important step in addressing climate change. Through this CCS project, the three companies hope to reduce CO2 emissions from the steel industry. ExxonMobil has been actively working on CCS projects as part of its decarbonization efforts, having signed EPC contracts with Technip in May 2022, and collaborated with Enlink and CF Industries in October, and Mitsubishi Heavy Industries Engineering in November, on CCS projects in Wyoming, Louisiana, and CO2 recovery technology respectively. Mitsubishi Corporation has also been making similar efforts, announcing agreements for CO2 transportation and storage in September 2021, along the US Gulf Coast and Delaware.