Samsung E&A : Korea Malaysia public private team joins efforts for the carbon capture future at the Shepherd CCS Summit 2024

Corporate News

2024.06.05

Korea-Malaysia public-private team joins efforts for the carbon capture future at the Shepherd CCS Summit 2024

5 June 2024 - The 'Shepherd CCS Summit 2024' will be held at THE SHILLA Seoul Korea on Monday 10th June with global companies and government officials coming together to shape the future of the carbon capture industry. The summit expects the attendance of a total of 60 organizations and 200 participants, including industry professionals, policymakers, exports, and business stakeholders.

This summit was prepared to discuss measures for the success and development of CCS, one of the core developments for the National Determined Contributions(NDCs). CCS stands for Carbon Capture & Storage, which means capturing emitted carbon and storing it in stable storage.

Considering Korea's industrial structure where manufacturing is the main industry and some businesses where carbon emissions are challenging to abate, CCS is an essential technology to contribute to NDCs. The Korean government also reflected this and set an annual CO2 reduction goal of 4.8 million tons through CCS by 2030.

This summit will present and discuss the role, status, and tasks of CCS through various types of programs, such as keynote speeches, panel discussions, and government speeches. In the keynote speech, SAMSUNG E&A, Korea National Oil Corporation, Petronas, and AspenTech etc. will introduce the global CCS market, prospects, and actual project cases.

Through the panel discussion, the role and challenges of CCS in decarbonizing the domestic industry, as well as technological trends, will be shared and discussed. In addition, the key contexts of CCS policies and roadmap of both countries, Korea and Malaysia, will be shared through government speech

Among the announcements, in particular, the presentation of the Shepherd CCS project, a leading global CCS project, is awaited with great anticipation. Shepherd CCS project is a cross-border CCS project jointly developed1) by Korean and international companies, to capture CO2 from Korean industrial regions and transport it to Malaysia for permanent storage.

This project has been developed in Korea and Malaysia as Malaysia is considered one of the most suitable locations for carbon storage in the Asia Pacific region, attributed to its storage potential. Also, it has been attracting attention in terms of co-developing hub regions in both Korea and Malaysia to secure economic feasibility.

The feasibility study has been completed and the Pre-FEED now lies ahead. Further, domestic hub and local storage candidates have been tentatively confirmed. The expected outcome of the Shepherd CCS Summit 2024 is that the two governments will begin a full-scale dialogue on bilateral agreements to unlock cross-border CCS between Korea and Malaysia.

A Shepherd CCS Summit 2024 spokesperson said: "This meaningful summit, where global companies and government agencies come together for cross-border CCS cooperation, will conceivably provide the opportunity for all stakeholders to find constructive and practical solutions." He further added: "The Shepherd CCS project, currently in progress, will also create the premier example of a global CCS project through successful commercialization."

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