Knutsen and NYK Launch JV for Liquified CO2 Transportation and Storage
Japan’s NYK Line and Norway's Knutsen Group, which have had a long cooperation in the operation of shuttle tankers, are launching a new company seeking to realize opportunities in the emerging transport of CO2. Knutsen NYK Carbon Carriers (KNCC) will be a joint venture to develop and market new businesses related to the marine transportation and storage business of liquefied CO2.
KNCC, according to the companies, will provide customers with a unique competence for advanced transport including liquefied CO2 loading and offloading onshore and offshore. Through KNCC, “we will combine our extensive knowledge of ship operation and management to achieve the early realization of not only small and medium-sized vessels but also large liquefied CO2 vessel operations.”
They plan to develop a liquefied CO 2 transport vessel using Knutsen's unique technology called PCO 2, which will enable the transport and storage of liquefied CO2 at ambient temperature. Knutsen first developed its PNG technology more than 20 years ago and according to the companies, it will offer shippers both flexible and cost-effective solutions, whether the transportation requirement is from shore to sea or from offshore installations. Transporting CO2 at ambient temperatures reduces the need for compression and heating that are required for cryogenic and low-temperature solutions for offshore discharge.
“We are pleased to have developed a solution that is key to reaching the ambitious climate goals,” said Trygve Seglem, owner and president of Knutsen Group and who will serve as vice chairman of KNCCC. “Combining the PCO2 technology with our competence and experience within offshore operations enables us to offer a safe and regular marine transportation of liquefied CO2.”
The goal is to realize the operation of large liquefied CO2 transport vessels at an early stage in the development of CO2 capture and storage. In the future, KNCC will also consider developing other low-to-medium pressure liquefied CO 2 transport vessels using future technologies.
Svein Steimler, President and CEO of NYK Group Europe, will be chairman of the new company. Anders Lepsøe was appointed CEO of the company. Lepsøe has extensive experience in the oil and gas, financial, and shipping industries and has a background in a wide range of international businesses.