Nippon Steel, Mitsubishi Corporation and ExxonMobil to evaluate and establish ccs value chains in the Asia Pacific region

Japan - Nippon Steel Corporation (President: Eiji Hashimoto, hereinafter “Nippon Steel”), Mitsubishi Corporation (President: Katsuya Nakanishi, hereinafter “Mitsubishi Corporation”) and ExxonMobil Asia Pacific Pte. Ltd. (Asia Pacific Low Carbon Solutions President: Irtiza Sayyed, hereinafter “ExxonMobil”) have signed a Memorandum of Understanding (hereinafter “the Memorandum”) to jointly study carbon capture and storage (hereinafter "CCS") and the establishment of potential CCS value chains in the Asia Pacific regions on January 25, 2023.

Based on the Memorandum, the three companies will conduct research on the capture of CO₂ emissions from Nippon Steel's domestic steel works and evaluate the necessary infrastructure development required, with a view to establishing CCS value chains in the Asia-Pacific region. It would also include a detailed evaluation of Asia Pacific storage opportunities, including in Malaysia, Indonesia and Australia. Mitsubishi Corporation plans to evaluate the overseas CO₂ transportation and the development of CCS value chain. This is the first study to develop value chains for carbon capture in Japan with the aim to store elsewhere overseas in the region.

Nippon Steel set forth the "Nippon Steel Carbon Neutral Vision 2050" in its medium- to long-term management plan announced in March 2021, and positioned CCS as one of the key technologies to realize this vision. Through this study, Nippon Steel will progress the implementation of CCS including securing storage sites for overseas storage of CO₂ generated from steel works, developing storage infrastructure, advocating for policies and regulation, and examining its cost adequacy.

Mitsubishi Corporation has identified Energy Transformation (EX) as a key initiative in its Roadmap for a Carbon Neutral Society formulated in October 2021 and its Medium-Term Management Strategy 2024 released in May last year. Mitsubishi Corporation will evaluate the overseas CO₂ transportation and the development of CCS value chain through this joint effort.

ExxonMobil continues to advance innovative solutions for a lower-carbon future. In early 2021, it established a Low Carbon Solutions business, which is working to bring lower-emission technologies to market, making them accessible to hard-to-decarbonize industries. It is committed to accelerating significant emission reductions through strategic collaborations and through leading the development and deployment of scalable lower-emission technologies, such as CCS, needed to advance solutions for various industries in the Asia Pacific region and beyond.

About Nippon Steel Corporation

Nippon Steel Corporation is Japan’s largest and one of the world’s leading integrated steel producers with a wide range of value-added steel products in more than 15 countries. Nippon Steel has four business segments: steelmaking and steel fabrication, engineering and construction, chemicals and materials, and system solutions. With the aim of continually growing to become “the best steelmaker with world-leading capabilities” from the present and into the future, Nippon Steel will pursue world-leading technologies and manufacturing capabilities, and contribute to society by providing excellent products and services. For more information about Nippon Steel please visit: https://www.nipponsteel.com/

About Mitsubishi Corporation

Mitsubishi Corporation works with its roughly 1,700 subsidiaries, affiliates and group companies to develop businesses in approximately 90 countries around the world. Spanning multiple industries and regions, these businesses are overseen by Mitsubishi Corporation’s Industry DX Group and 10 Business Groups: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development. Through joint digital (DX) and energy (EX) transformations invested in sustainability, decarbonization and digitalization, the company is now focused on leveraging its operations to address myriad challenges that stand to impact our planet’s future.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world.

The Singapore affiliate, ExxonMobil Asia Pacific Pte. Ltd., has manufacturing facilities which include an integrated world-scale refining and petrochemical complex in Jurong and Jurong Island. Our operations and businesses serve customers and commercial markets in the region with ground transportation, industrial, aviation and marine fuels, lubricants, petrochemicals and liquefied natural gas. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn.