“The collaboration would also include CO2 injection and sequestration, solutions to reduce, mitigate and/or avoid greenhouse gas (GHG) emissions arising from the CCS opportunities and assessing technical and commercial feasibility of the CCS business,” it said.

Petros was represented by its chairman Tan Sri Hamid Bugo, group chief executive officer Janin Girie and acting senior vice-president (Sarawak resources management) Anyi Ngau while Posco was represented by POSCO Holdings executive vice-president and head of hydrogen business Cho Ju-Ik.

The signing ceremony was witnessed by the Premier of Sarawak Tan Sri Abang Johari Tun Openg.

Abang Johari, speaking at the MoU’s signing ceremony, said the agreement would be a step in the right direction to further solidify the relationship between Sarawak and South Korea in creating a sustainable energy future.

He said it was imperative to engage in multilateral processes to address the global climate change that endangers the well-being of people and the planet as the next few years would be critical to act for a sustainable future for all.

“Delayed action will trigger the impacts of climate change so catastrophic that our world will become unrecognisable.

“Changing course will require immediate, ambitious and concerted efforts to slash emissions,” he said.

He said Sarawak’s initiative in CCUS aimed to support green energy businesses in line with the global financial movement towards an environmental, social and governance (ESG) framework.   

“The Sarawak government has also recently updated the Sarawak Land Code Ordinance and developed the Carbon Capture and Storage Standards to include legislation regulating this new business opportunity,” he added.

-- BERNAMA