PRESS RELEASE
31 January, 2024

Chiyoda, NYK, and KNCC Conduct Quantitative Comparison of CO2 Liquefaction, Temporary
Storage, and Transportation--Combining Engineering and Shipping Expertise --Chiyoda Corporation
Nippon Yusen Kabushiki Kaisha (NYK)
Knutsen NYK Carbon Carriers AS

Chiyoda Corporation(Chiyoda) , Nippon Yusen Kabushiki Kaisha (NYK), and its affiliate Knutsen NYK
Carbon Carriers AS (KNCC) have conducted a joint study to quantitatively evaluate and verify the feasibilityof the CCUS (carbon capture, utilization, and storage) value chain — including liquefaction, temporarystorage, and marine transportation of carbon dioxide. The study covered the three methods of EP (elevatedpressure), MP (medium pressure), and LP (low pressure), which are assumed to be the technologies forCCUS. Going forward, the three companies will combine their engineering and shipping expertise topromote technical and economic studies of the three methods further and contribute to the social
implementation of CCUS.

Many CCUS projects are currently being planned worldwide, and several CCUS projects are expected
to be launched in Japan in the late 2020s and beyond. In those projects, the prolonged construction
period for installing large tanks on land will likely become a significant issue. The MP and LP methods
assume the installation of Type-C tanks* on liquefied CO2 carriers and large tanks at onshore storage
facilities as the primary method. On the other hand, the EP method assumes the utilization of cylindertanks, which are based on the manufacturing principle of existing pipelines, not only for liquefied CO2
carriers but also for onshore storage facilities. In this joint study, the three companies confirmed thatusing these cylinder tanks for onshore storage facilities will lead to a significant reduction in theconstruction period, effective use of land, reduction of investment and operating costs, and improvementof energy efficiency required for operation.

The three companies will present details of their findings in March at an event hosted by the Global CCS
Institute (GCCSI),** an international think tank on CCUS. For more information on the event, click here.

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Overview of CCUS value chain

Scope of each company
Company

Scope

Chiyoda Corporation

Liquefaction, temporary storage, discharging and receiving side facilities(including ancillary facilities up to injection conditions)

NYK, KNCC

Study of liquefied CO2 carrier and simulation of marine transportation

Comparison items
Items
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Economic evaluation of capital expenditure and operation expenses

2Comparison of required site area for onshore temporary storage tanks

3Comparison of estimated construction period

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Quantitative evaluation of CO2 emissions

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Clarification of issues such as laws and regulations* Type-C tank
One of the types of tanks for gas cargo specified in the IGC Code and the only type with pressure-resistantperformance.

** GCCSI
An international think-tank established to promote the use of carbon capture and storage (CCS) technologies
worldwide.
Website: https://www.globalccsinstitute.com/

2Company Overviews

Chiyoda Corporation
Head office: Minatomirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku, Yokohama 220-8765, Japan
Representative: Masakazu Sakakida, Chairman of the Board & CEO
Website: https://www.chiyodacorp.com/en/

Nippon Yusen Kabushiki Kaisha (NYK)
Head office: 2-3-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Representative: Takaya Soga, President
Website: https://www.nyk.com/english/

Knutsen NYK Carbon Carriers AS
Head Office: Haugesund, Norway
Representative: Anders Lepsøe, CEO
Website: https://www.kn-cc.com

For more information, please contact:
Chiyoda Corporation
IR、PR＆Sustainability Advanced Section
Email: irpr@chiyodacorp.com
URL: https://www.chiyodacorp.com/en/contact/index.php

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