JOGMEC-METI-Asia CCUS Network
Joint Workshop

Initiatives by
Transportation Operators
Mitsui O.S.K. Lines, Ltd.
(MOL)
Masatoshi Numano, General Manager, Offshore Unit
Integrated Tanker & Offshore Projects
8 February 2024

1

JOGMEC-METI-Asia
CCUS Network JointWorkshop
Initiatives by
TransportationOperators

1. Introduction to MOL
2. MOL CCUS Business Model
3. How to transport CO2 by Ship
4. MOL CCUS Technical Initiatives
5. MOL CCUS Projects

Mitsui O.S.K. Lines, Ltd.
(MOL)
8/FEB/2024

2

Introduction to Mitsui O.S.K. Lines, Ltd. (MOL)

CompanyName
Establish

MitsuiYear O.S.K.
of 1884Lines,Ltd.
140 th history# of MOL
Group Employee# of Countries MOLGroup Bases

8,748

44

MOL Group Fleets

799
vessels# of Group Companies

509

The year of net-zeroemission

2050
3© Mitsui O.S.K. Lines, Ltd.

3

JOGMEC-METI-Asia
CCUS Network Joint
Workshop
Initiatives byTransportation
Operators

1. Introduction to MOL
2. MOL CCUS Business Model
3. How to transport CO2 by Ship
4. MOL CCUS Technical Initiatives
5. MOL CCUS Projects

Mitsui O.S.K. Lines, Ltd.
(MOL)
8/FEB/2024

4

2 MOL CCUS Business Model
From the blue oceans, the MOL Group will contribute to the sustainable development of society andthe preservation of nature, sustain people's lives, and ensure a prosperous futureby expanding business upstream and downstream in the CCS/CCUS value chain, acquiring projects,
and accelerating the development of the value chain, with potential partners

CCUS Value Chain

CO2 Emission

CaptureInterimStorage

Loading toShip

MarineTransport

Offloadingfrom Ship

InterimStorage

Injection

StorageUtilization
5

JOGMEC-METI-Asia
CCUS Network Joint
Workshop
Initiatives byTransportationOperators

1. Introduction to MOL
2. MOL CCUS Business Model
3. How to transport CO2 by Ship
4. MOL CCUS Technical Initiatives
5. MOL CCUS Projects

Mitsui O.S.K. Lines, Ltd.
(MOL)
8/FEB/2024

6

3 How to transport CO2 by Ship – Characteristics of LCO2High Temperature, High Pressure(10℃, 40-50bar, 869kg/m3)
No Track Record
Medium Temperature, Medium Pressure(-25℃, 15-18bar, 1,053kg/m3)
Proven Track Record
Low Temperature, Low Pressure(-50℃, 6-8bar, 1,150kg/m3)
Demonstration Test Ship
recently delivered

7

ADVANTAGESTYPE(REF) Comparison
Low Temp & Low Pressure(Low pressure solution, LTLP)(6〜8 barG, -50°C)

Medium Temp & Medium Pressure(Medium pressure solution, MTMP)(15〜20 barG, -25°C)

High Temp & High Pressure(High pressure solution, HTHP)(45〜60 barG, 10°C)

 Higher liquid density, and larger
loading capacity- LTLP ︓1.155t/m3 (-50°C)- MTMP︓1.053t/m3 (-25°C)- HTHP ︓0.8690t/m3 (10°C)

 Existing technology (Lower dry icingrisk)

 Pressure range is close to 200 bar,which is the requirement for injection

 Cargo tank capacity can be enlarged
up to about 10,000m3
 No track record

CHALLENGES

 No need to install reliqueficationequipment Operation range closer to the triplepoint
 Reliquefication equipment potentiallynecessary to install Smaller tank capacity (up to about4,000m3)

 No track record Potentially lower efficiency comparedto Low pressure solution

 Lower liquid density (lower loadingefficiency)

 Complex tank structure Higher heat-resistance potentiallynecessary8

3 How to transport CO2 by Ship – Proven Capability
In March 2021, MOL acquired 25% shares in Larvik Shipping and became an official partner.
MOL can provide safe and efficient marine transport of LCO2 (medium pressure solution) with more than 35 yeas safe track record.

 Only one in the world with true CO2transportation expertise at sea

 International shipping activities
supported by a global network CO2 transportation for more than 35years without no severe incidents

 Finance resource to develop new
CO2 transportation service

 CO2 experienced crews

 Cost competitiveness gained fromthe fleet scale

Capture CO2 cargo operation expertise

Storage9

JOGMEC-METI-Asia
CCUS Network JointWorkshop
Initiatives byTransportationOperators

1. Introduction to MOL
2. MOL CCUS Business Model
3. How to transport CO2 by Ship
4. MOL CCUS Technical Initiatives
5. MOL CCUS Projects

Mitsui O.S.K. Lines, Ltd.
(MOL)
8/FEB/2024

10

4 MOL CCUS Technical Initiatives for Japan“CCUS R&D and Demonstration Related Project / Large-scale CCUS Demonstration in Tomakomai / Demonstration
Project on CO2 Transportation” (the demonstration projects) being conducted by Japan’s New Energy and Industrial
Technology Development Organization (NEDO) and entrusted to the following consortium since JUN/2021
MOL was re-entrusted R&D on the large-size
LCO2 carrier to be put into practical use fromJapan CCS, leading the consortium.
AUG/2022
MOL acquired Approval in Principle (AiP) for
design of a large-scale LCO2 carrier fromClassNK.

NEDOJapan CCSEngineering
Advancement
Association of Japan

ITOCHU
Corporation

NIPPON STEELCORPORATION

NOV/2023
The demonstration test ship
to transport LCO2, named“EXCOOL”, was delivered.
LOA 72.0m, Beam 12.5m,
Tank Capacity 1,450m3

114 MOL CCUS Technical Initiatives in 2021/2022
 MAR/2022
Concept Study of “Ammonia/LCO2 Carrier”

 SEP/2022
HAZID, AiP from DNV

 AUG/2022
AiP from ClassNK(Japan NEDO’s demonstration project)
 NOV/2021
Concept Study of LCO2 Carrier(Tank Capacity: about 50,000m3)12

4 MOL CCUS Technical Initiatives in 2023
 JUN/2023
MOL, PETRONAS and SDARI Acquire AiP for LCO2 Carriers and FSO

 AUG/2023
R&D Project Agreement todevelop safe and efficientsolutions for industrial-scale
shipping of CO2Size

Concept

Classification Society

87,000 m3 LCO2 carrierLong haul transport

DNV

14,000 m3 LCO2 carrier

Short haul transport

DNV

87,000 m3 LCO2 carrier installed
dynamic positioning system

Long haul transport &Offshore offloadingABS96,000 m3 LCO2 FSO

Intermediate storage &Offloading at offshoreABS•Future Energy Exports CRC
Limited, JX Nippon Oil & Gas
Exploration Corporation, LowEmission Technology
Australia, MOL & Osaka Gas•To conduct R&D todemonstrate the technicalfeasibility and operability oflow-pressure and low-temp
solutions for the bulk
transport of CO2 by ships

13

JOGMEC-METI-Asia
CCUS Network Joint
Workshop
Initiatives byTransportation
Operators

1. Introduction to MOL
2. MOL CCUS Business Model
3. How to transport CO2 by Ship
4. MOL CCUS Technical Initiatives
5. MOL CCUS Projects

Mitsui O.S.K. Lines, Ltd.
(MOL)
8/FEB/2024

14

5 MOL CCUS Projects – CCS Value Chain in Japan JUN/2023
JOGMEC selected 7 role model projects (5 fordomestic storage and 2 for overseas storage) forJapanese Advanced CCS Projects.

 AUG/2023
MOL was honored to have contract to study LCO2
transport by vessel in “Off the Northern to Western
Kyushu CCS” by ENEOS, J-Power & JX Nippon Oil &Gas Exploration Corporation. (CO2 liquefaction
conditions: low temp and low pressure, medium temp
and medium pressure)15

5 MOL CCUS Projects – CCS Value Chain to Malaysia
 SEP/2023
MOL principally reached an agreement with two Malaysian companies PETRONAS CCS Ventures Sdn Bhd (PETRONAS CCSVentures), a wholly-owned subsidiary of Petroliam Nasional Berhad (PETRONAS) and MISC Berhad (MISC), a global provider ofenergy related maritime solutions and services, for the potential establishment of a joint venture to invest in the development
and monetisation of LCO2 carriers for CCS projects.
In February 2022, MOL concluded MoU with PETRONAS, and in June 2023, obtained AiP for the design of an LCO2 carrier andFSO, and had been developing business related to the marine transport of LCO2. MISC recently became a partner in thiscollaboration and will cooperate with MOL in the study of development of various transport methods, mainly LCO2 carriers, aswell as the optimal business model through a shipowner JV with the aim of establishing the way toward a flexible approach tovarious transport needs in the future.

 SEP/2023

 FEB/2022
 JUN/2023

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5 MOL CCUS Projects – CCS Value Chain in/from Japan NOV/2023
MOL and The Kansai Electric Power Co., Inc.
(KEPCO) announced the signing of a serviceagreement to conduct feasibility research on thedesign of a LCO2 carrier at shipyards in Japan andoverseas. The detailed research and study of CCS
value chain, including shipyards, is a pioneering
effort for other business operators that emit CO2.
The agreement follows the completion of an initial
joint study on liquefied CO2 transport, based on aMOU between the two companies, by which MOLand KEPCO have been jointly studying the optimal
system for ocean transport and storage ofliquefied CO2, targeting CO2 emitted fromKEPCO's thermal power plants to establish a CCSvalue chain.

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5 MOL CCUS Projects – CCS Value Chain in/from Japan
 OCT/2023
MOL and Cosmo Oil (Headquarters: Minato-ku, Tokyo) announced the signing of a MoU on the study of ocean transport,with the goal of establishing a CCS value chain.
MOL and Cosmo Oil will collaborate on the establishment of a "CCS value chain consisting of separation, capture, transport,
injection and storage" of CO₂ emitted from Cosmo Oil's refineries (emission sources), and conduct the following studies.
(1) Outline specifications of LCO2 carriers suitable for the distance from the emission sources to the candidate storage sites
in Japan and abroad, and the expected transport volume.
(2) Estimate of ocean transport costs based on the results of the study in (1) above.
(3) Further possible collaborations on any potential projects on CCS, CO2 capture, separation, ocean transport, and reuse.

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5 MOL CCUS Projects – CCS Value Chain (JPN/AUS) FEB/2024
MOL and JX Nippon Oil & Gas Exploration
Corporation are pleased to announce that MOL andJX have signed MoU to develop a CCS value chainbetween Japan and Australia, including marinetransport of CO2.
The MoU focuses on the establishment of a CCS value
chain by capturing CO2 emitted from ENEOS refineryand nearby various industries in Japan, transporting it
by CO2 carrier to the Port of Bonython in Australia,and injecting and storing it at the selected storage site.

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5 MOL CCUS Actions – CCUS Value Chain (SIN/AUS) NOV/2022
Chevron Corporation, through its Chevron New Energies International Pte. Ltd. (Chevron) subsidiary, and MOL announced thesigning of a Joint Study Agreement (JSA) on the feasibility of transporting LCO2 from Singapore to permanent storage locations
offshore Australia.

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5 MOL CCUS Projects – CCS Value Chain to Offshore Australia
An Australian CCS project developer and operator - deepC Store – has lead a project called CStore 1, which consistsof (1) Capturing and liquefying CO2 from multiple industrial sources in Australia and potentially the Asia-PacificRegion. (2) Shipping LCO2 from industrial sources to CStore1’s Floating Storage and Injection (FSI) Hub located inoffshore Northern / Western Australia. (3) Offloading and temporarily storing LCO2 at the FSI Hub prior to injection.
(4) Injecting and storing CO2 in a permanent subsurface geological formation near the FSI Hub.
 DEC/2020 – MOL officially joined the project.

CStore 1 Project Partners• Add Energy• Commonwealth Scientific andIndustrial Research Organisation(CSIRO)• JX Nippon Oil and Gas
Exploration Corporation• Kyushu Electric Power• MOL• Osaka Gas• Technip Energies• Toho Gas
21

5 MOL CCUS Projects – CCS Value Chain to Bahrain
 DEC/2023
MOL and Bapco Energies (Headquarters: Manama, Kingdom of Bahrain) announced the signing of MoU fordevelopment of cross border CO2 transport and sequestration with the goal of establishing a CCS value chain, whereMOL provides marine transportation of LCO2 and Bapco Energies provides the sequestration sites.
MOL and Bapco Energies will collaborate on the future establishment of a CCS value chain consisting of separation,
capture, transport, injection and storage of CO2 through the following studies.

① To conduct the study of the estimated cost of
CO2 for using the permanent CO2 storage
owned and operated by Bapco Energies in theKingdom of Bahrain, including the receiving costof CO2 at the CO2 receiving terminal, and theunit cost of liquified CO2 transportation by ship.
② To jointly conduct the study of the potential
markets in Asia Pacific regions for instance, andto discuss in good faith future business structure.

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5 MOL CCUS Actions – CO2 from Lithuania & Latvia
MAY/2021
Klaipedos nafta, Larvik Shipping, and MOL to carry out a feasibility study for LCO2 and hydrogen project in Klaipeda, Lithuania.
Klaipedos nafta, Larvik Shipping, MOL, Schwenk and Cenentas have formed CCS Baltic Consortium, which project is primarily
aimed at significantly decreasing CO2 emissions originating from two EU Member States – Lithuania and Latvia, through CCS.

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5 MOL CCUS Projects - Network

CO2LOSⅢCapture（CO2 Logistics by Ship Phase Ⅲ）
conducting various studies including costmodel, low-pressure large-scale CO2 ship,
Zero emission ship, Unmanned FSI, Direct
injection, etc.

Storage24

(REF) MOL Organizational Change (effective 1 April 2024)
Headquarters of Energy Business(Present)

Headquarters of Energy Business(effective 1 April 2024)

Energy Business Strategy Division
Marine Fuel GX Division
Integrated Tanker & Offshore Projects
 Tanker Unit
 Offshore Unit

Carbon Solution Projects
 Tanker Unit 1
 Tanker Unit 2 Electric Power Unit
 Carbon Solution Development Unit

Integrated Wind and Carbon Power Solutions
 Carbon Power Solutions Unit Wind Power Projects UnitWind Power and Offshore Projects
 Offshore Unit Wind Power Unit

Integrated Liquified Gas Transport and Offshore Projects
MOL Chemical Tankers Pte. Ltd.

The newly established “Carbon Solution Development
Unit “will centrally lead the strategic planning andpromotion of the CCUS business, carbon recycling
business, and business development related to newenergy sources such as hydrogen and ammonia.

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Thank you very much !
From the blue oceans, the MOL Group will contribute to the sustainable development of society andthe preservation of nature, sustain people's lives, and ensure a prosperous futureby expanding business upstream and downstream in the CCS/CCUS value chain, acquiring projects,
and accelerating the development of the value chain, with potential partners

CCUS Value Chain

CO2 Emission

CaptureInterimStorage

Loading toShip

MarineTransport

Offloadingfrom Ship

InterimStorage

Injection

StorageUtilization
26