Korea's POSCO & partners to develop liquid CO2 carrier
South Korean steelmaker POSCO has teamed up with shipbuilding group Korea Shipbuilding & Offshore Engineering (KSOE), KSOE's subsidiary Hyundai Mipo Dockyard (HMD), classification society Lloyd's Register and the Liberian ship registry to develop a liquefied CO2 carrier by 2025, the companies said on August 27.
The proposed vessel would store more than 20,000 m3 of CO2, serving a role in the potential global market for carbon capture utilisation and storage (CCUS). The International Energy Agency estimates that CCUS will account for 15% of global CO2 emissions reductions by 2070.
POSCO has agreed to develop the steel materials and technologies needed for its storage tanks, while KSOE and HMD will develop welding technologies. Lloyd's Register will oversee technical review and related regulations for steel certification and the design and manufacturing of storage tanks, while the Liberian Registry will establish ship registration regulations and carry out procedures for flag state approval.