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Navigator Holdings Ltd. ("Navigator" and the "Company") (NYSE:NVGS), the owner and operator of the world's largest fleet of handysize liquefied gas carriers, today announced the signing of a non-binding memorandum of understanding (the "MoU") with Bumi Armada Berhad ("Bumi Armada"), one of the world's largest floating infrastructure operators, to establish a joint venture company to provide CO2 shipping and injection solutions in the United Kingdom (the "Bluestreak CO2 Joint Venture").
The Bluestreak CO2 Joint Venture, to be owned 50% by Navigator and 50% by Bumi Armada, aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their carbon dioxide emissions in line with the United Kingdom's Industrial Decarbonisation Strategy.
By leveraging the expertise and experience of its principal shareholders, it is anticipated that the Bluestreak CO2 Joint Venture will design and implement a value chain of shuttle tankers delivering to a floating carbon storage & injection unit. The complete value chain is expected to safely and reliably transport and provide buffer storage of liquid carbon dioxide. The CO2 is intended to be subsequently injected into offshore storage aquifers and/or depleted oil and gas reservoirs in a controlled manner, with full surveillance and management of the permanent storage location. This approach is anticipated to allow the Bluestreak CO2 Joint Venture to serve emitters with no access to pipeline infrastructure, to effectively manage their CO2 emissions.
It is estimated that the potential market in the United Kingdom alone, is over 30 million tonnes of CO2 per annum from emitters who are not proximate to existing awarded carbon capture, usage and storage clusters. Navigator and Bumi Armada are in initial discussions with a number of emitters and if successful, the first shipment of CO2 is anticipated by the parties to take place three years after taking final investment decision.
Posted In: NVGS
