Japan's top steelmaker Nippon Steel Corp, Mitsubishi Corp and Exxon Mobil Corp said on Thursday they will jointly study carbon capture and storage (CCS) and the establishment of CCS value chains in the Asia Pacific regions. Based on the Memorandum of Understanding (MoU) that they signed on Wednesday, the companies will conduct research on the capture of carbon dioxide (CO2) emissions from Nippon Steel's local steel plants and evaluate the necessary infrastructure development required, they said in a joint statement.
Mitsubishi Corp has agreed with Exxon Mobil Corp and Japan's biggest steelmaker Nippon Steel Corp to consider a carbon dioxide capture and storage (CCS) project, a spokesperson at the trading house said on Wednesday. The three companies signed a memorandum of understanding (MoU) on Wednesday to start discussions toward building value chains for overseas underground storage of CO2 emitted by Japanese steel plants, the spokesperson said. Nippon Steel is considering capturing CO2 emissions from its local steel mills for underground storage at facilities linked to Exxon in countries including Australia, Malaysia and Indonesia, the Nikkei business daily reported on Wednesday.
Mitsubishi Corp on Tuesday raised its full-year net profit forecast by 21% to a record 1.03 trillion yen ($7 billion), amid strength in metals and energy segments thanks to higher prices of coking coal and liquefied natural gas (LNG). Like global energy companies, Japanese trading houses have benefited from surging oil, gas and coal prices this year in the wake of Russia's invasion of Ukraine. Mitsubishi boosted its profit outlook for the year to March 31 to over 1 trillion yen from its May estimate of 850 billion yen.