Posco implements new projects in Malaysia

South Korean steelmaker Posco Group is implementing a carbon capture and storage (CCS) project in Sarawak, Malaysia.
Posco Holdings, Posco International, Posco E&C and Malaysian oil and gas company Petros signed a memorandum of understanding (MoU) on the CCS project on December 12, 2022.

“In accordance with the Memorandum of Understanding, both parties have agreed to conduct a feasibility study on a project to capture, transport and store CO2 emitted from Posco's steel mills and blue hydrogen production from depleted offshore oil and gas fields. fields in Sarawak, says Posco.

Posco Group and Petros plan to form a working group to discuss the details, including capturing carbon dioxide in South Korea and transporting it to Malaysia, as well as building CO2 infrastructure facilities, CO2 injection and storage.

Ani Ngau, Head of Sarawak Resource Management at Petros, said: “The CCS project is a key driver of Sarawak's carbon neutrality by 2050 and can help advance the world class CCS project with the support of the state government. ”

Petros (Petroleum Sarawak Bhd) is an oil and gas company controlled by the Sarawak state government.

In September last year, Posco Holdings also signed an agreement with Samsung Engineering, Lotte Chemical, Malaysian SEDC Energy and Sarawak Energy Berhad to promote the Sarawak H2biscus Clean Hydrogen Project. The project is currently undergoing a feasibility study and aims to produce commercial hydrogen by the end of 2027.