Malaysia’s state energy company Petronas, France’s TotalEnergies and Japan’s Mitsui & Co have signed a joint venture agreement to develop offshore carbon dioxide storage sites off Peninsular Malaysia, moving the partners toward a final investment decision on a project central to the country’s ambition of becoming a regional decarbonization hub.<\/p>\n
The deal, announced Friday, sets the framework for incorporating a dedicated company to develop, commercialize and operate the storage areas. The venture will be held through Petronas CCS Ventures Sdn Bhd, a wholly owned unit of the Malaysian group.<\/p>\n
The first phase targets a depleted gas field offshore Peninsular Malaysia, with expected injection capacity of up to 5 million tonnes of carbon dioxide a year. First injection is targeted as early as 2031, subject to industry readiness.<\/p>\n
The storage site forms part of Malaysia’s Southern CCS Hub, which is intended to take carbon dioxide from domestic heavy industry as well as from regional sources, including potential cross-border shipments.<\/p>\n
The agreement builds on a CCS Development Agreement signed in 2023, under which the partners carried out development studies and technical evaluations of potential storage locations. In 2025, the companies signed a Key Principles Agreement to push forward front-end engineering and design work and settle the structure of the venture.<\/p>\n
Emry Hisham Yusoff, chief executive of Petronas’ CCS unit, said the partners would concentrate on technical and commercial development before committing capital. “By bringing together PETRONAS’ subsurface expertise, with their global CCS experience, commercial and logistics capabilities, we are confident in maintaining this momentum towards achieving final investment decision (FID) in the near future while advancing Malaysia’s ambition to become a leading regional CCS hub,” he said in a statement.<\/p>\n
The partnership divides responsibilities along each company’s strengths: Petronas contributes subsurface knowledge and project management, TotalEnergies brings CCS development experience, and Mitsui supplies commercial development, investment and logistics capabilities.<\/p>\n
For investors, the signing shifts the project from study work into a defined corporate structure, though the timing of a final investment decision remains the key milestone. The 2031 start date is described as earliest-case, and the partners have attached the caveat of industry readiness, leaving room for slippage.<\/p>\n
The project also positions Malaysia as a potential destination for carbon dioxide captured elsewhere in Asia, a business that depends on cross-border arrangements that have yet to be finalized.<\/p>\n","protected":false},"excerpt":{"rendered":"Malaysia’s state energy company Petronas, France’s TotalEnergies and Japan’s Mitsui & Co have signed a joint venture agreement…\n","protected":false},"author":2,"featured_media":98529,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12699],"tags":[56130,56149,56151,28695,56150,56129,5726],"class_list":["post-98528","post","type-post","status-publish","format-standard","has-post-thumbnail","category-totalenergies","tag-emry-hisham-yusoff","tag-mitsui-u0026-co","tag-peninsular-malaysia","tag-petronas","tag-petronas-ccs-ventures-sdn-bhd","tag-southern-ccs-hub","tag-totalenergies"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/98528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=98528"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/98528\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/98529"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=98528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=98528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=98528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}