Petronas wholly-owned subsidiary, Petronas CCS Ventures have signed a Master Price Agreement with DNV for the certification of carbon dioxide storage sites and associated facilities for Carbon Capture and Storage (CCS) projects in Malaysia.

The agreement announced builds on a memorandum of understanding (MoU) signed between PETRONAS and DNV in 2022, during which strategic working groups delved into topics relevant to CCS.

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

For his part, Brice Le Gallo, VP and RD APAC, Energy Systems at DNV said: “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.”