PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCS Ventures) is a subsidiary which is owned by DNV and PETRONAS and these companies recently signed a Master Price Agreement. This agreement concerns the certification of carbon dioxide storage sites, along with associated facilities for Carbon Capture and Storage (CCS) projects which are occurring within Malaysia.

Both companies have specific goals and certain reasons for taking part in this project. For example, PETRONAS is committed to being able to achieve net zero carbon emissions by 2050 and alongside this, the company has created growth targets for cleaner energy solutions including CCS. Highlighting their commitment to these goals, the Kasawari CCS project has seen a lot of progress and it is currently in its construction phase. At the same time, the company has several CCS hubs in development and other major international agreements have been announced.

One of the biggest reasons why PETRONAS and DNV have decided to collaborate, is because DNV is currently in the ideal position to aid PETRONAS, when it comes to making sure the emerging Malaysian CCS industry adheres to international standards and best practices. DNV has a lot of experience with these kinds of projects, as the company has been involved in the development of CCS facilities globally for more than 20 years. The company’s main focus has been to deliver specialist services, which would span the entire CCS value chain.

The agreement which has now been created, is a further development from a previously created Memorandum of Understanding and it was signed by both companies in 2022. At this point, strategic working groups were fully focused on delving into topics that are relevant to CCS.

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

Chief Executive Officer of PETRONAS CCS Ventures, Emry Hisham Yusoff, added, “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. 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.”