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NYK and the Knutsen Group will each hold a 50% stake in a new company.

By Shardul Sharma

Japanese shipping company NYK and Norway’s Knutsen Group have established a joint venture company for the commercial development of a liquefied CO2 marine transportation and storage business, they said on January 18.

The joint venture will use Knutsen-developed technology PCO2 which allows transport of liquefied CO2 at ambient temperatures. NYK and the Knutsen Group, will each hold a 50% stake in the new company, which has been named Knutsen NYK Carbon Carriers (KNCC). KNCC will also build and operate low/mid pressure vessels based on other technologies.

The establishment of this joint venture will be an important foothold for participation in the CCUS value chain, they said.