Mitsui & Co stock advances Malaysia offshore CCS project

Mitsui & Co is advancing an offshore carbon-storage project in Malaysia with Petronas and TotalEnergies, adding a major development milestone for the Japanese trading house. The partners signed their joint venture agreement on October 23, according to Bernama.

At 15:33:34 CET on Friday, October 30, Mitsui & Co stock traded at 28.41 euros on Lang & Schwarz. That was 2.07% below the 29.01-euro price cited in the company's October 27 report, a separate comparison from the daily Xetra close.

Project moves toward investment decision

The venture covers carbon dioxide storage areas offshore Peninsular Malaysia as part of the Southern Carbon Capture and Storage Hub. Enerdata reported that the first phase targets a depleted gas field and is designed for injection of up to 5 million tonnes of carbon dioxide per year, with first injection targeted for 2031.

The agreement follows development studies and front-end engineering and design work. The partners are now working to advance the project's technical and commercial maturity before a final investment decision. The planned joint venture company would develop, commercialise and operate the storage site.

Strategic role for Mitsui

The project is intended to receive carbon dioxide from domestic and regional sources, including potential cross-border shipments. For Mitsui, the venture extends its role in commercial development, project investment and logistics across the carbon-capture value chain.

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