PETROS SIGNS DEAL WITH KOREAN POSCO GROUP FOR DEVELOPMENT OF CSS BUSINESS IN SARAWAK

Date: 12 December 2022

PETROS recently signed an MoU with POSCO Group from Korea, to collaborate in the development of Carbon Capture and Storage (“CCS”) business in Sarawak.

The signing ceremony, held at Wisma Bapa Malaysia on 12 December, was witnessed by The Right Honourable Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari Bin Tun Datuk Abang Haji Openg.

Also present were Sarawak Deputy Minister for Energy and Environmental Sustainability, YB Dr Hazland Abang Hipni; Sarawak State Secretary, YB Datuk Amar Haji Mohamad Abu Bakar Bin Marzuki; and State Financial Secretary, Dato Sri Dr Wan Lizozman Bin Wan Omar.

Team PETROS was represented by our Chairman, Tan Sri Datuk Amar ( Dr) Hamid Bugo; GCEO, Janin Girie; Acting Senior VP of Sarawak Resources Management, Anyi Ngau; while POSCO Group was represented by Cho Ju-Ik, EVP and Head of Hydrogen Business for POSCO Holdings.

PETROS, as the resource manager for the CCS business in Sarawak, inked the collaboration agreement with POSCO Holdings-POSCO International-POSCO Engineering & Construction Co, Ltd.

The four companies will conduct a joint study on potential carbon storage sites in Sarawak based on available data provided by PETROS, transportation of CO2 from Korea to CCS hub in Sarawak, CO2 injection and sequestration, solutions to reduce, mitigate and/or avoid Green House Gas (“GHG”) emissions arising from the CCS opportunities; and assess the technical and commercial feasibility of the CCS business.