Navigator Gas, Bumi Armada and Bluestreak CO2 announce Memorandum of Understanding with Uniper for Joint Study on Export Of CO2 Emissions from proposed UK carbon capture plant
Navigator Holdings (NYSE: NVGS) and Bumi Armada Berhad have announced that their joint venture, Bluestreak CO2 , has entered into a memorandum of understanding (MoU) with Uniper (UK) . The collaboration aims to explore the feasibility of implementing a jetty-moored floating liquid CO2 storage facility and liquid CO2 carrier solution for Uniper's proposed Grain Carbon Capture project in the UK.
The project aligns with the UK Government's goal of decarbonizing the power sector by 2030. Bluestreak CO2 is expected to design and implement a comprehensive CO2 value chain, including liquid CO2 shuttle tankers and storage capabilities. This initiative demonstrates how Bluestreak CO2 can assist emitters without pipeline access in managing their CO2 emissions effectively.
Navigator Holdings (NYSE: NVGS) e Bumi Armada Berhad hanno annunciato che la loro joint venture, Bluestreak CO2, ha firmato un memorandum of understanding (MoU) con Uniper (UK). La collaborazione ha come obiettivo l'esplorazione della fattibilità di realizzare un impianto di stoccaggio galleggiante di CO2 liquido ormeggiato a jetty e una soluzione di trasporto di CO2 liquido per il progetto di cattura del carbonio Grain proposto da Uniper nel Regno Unito.
Il progetto si allinea con l'obiettivo del Governo del Regno Unito di decarbonizzare il settore energetico entro il 2030. Bluestreak CO2 è previsto che progetti e implementi un sistema completo della catena del valore del CO2, comprendente portacontainer shuttle di CO2 liquido e capacità di stoccaggio. Questa iniziativa dimostra come Bluestreak CO2 possa assistere gli emittenti privi di accesso ai condotti nella gestione efficace delle loro emissioni di CO2.
Navigator Holdings (NYSE: NVGS) y Bumi Armada Berhad han anunciado que su empresa conjunta, Bluestreak CO2, ha firmado un memorando de entendimiento (MoU) con Uniper (UK). La colaboración tiene como objetivo explorar la viabilidad de implementar una instalación de almacenamiento de CO2 líquido flotante amarrada a un muelle y una solución de transporte de CO2 líquido para el proyecto de captura de carbono Grain propuesto por Uniper en el Reino Unido.
El proyecto se alinea con el objetivo del Gobierno del Reino Unido de descarbonizar el sector eléctrico para 2030. Se espera que Bluestreak CO2 diseñe e implemente una cadena de valor integral para el CO2, incluyendo petroleros shuttle de CO2 líquido y capacidades de almacenamiento. Esta iniciativa demuestra cómo Bluestreak CO2 puede ayudar a los emisores sin acceso a tuberías a gestionar eficazmente sus emisiones de CO2.
Navigator Holdings (NYSE: NVGS)와 Bumi Armada Berhad는 그들의 합작 투자인 Bluestreak CO2가 Uniper (UK)와 양해각서 (MoU)를 체결했다고 발표했습니다. 이번 협력은 Uniper의 영국 Grain 탄소 포집 프로젝트를 위한 부두 고정 형태의 액체 CO2 저장 시설 및 액체 CO2 운반 솔루션 구현 가능성을 탐색하는 것을 목표로 하고 있습니다.
이 프로젝트는 2030년까지 전력 부문 탈탄소화를 목표로 하는 영국 정부의 목표와 일치합니다. Bluestreak CO2는 액체 CO2 셔틀 유조선 및 저장 능력을 포함한 CO2 가치 사슬을 설계하고 구현할 것으로 예상됩니다. 이 이니셔티브는 Bluestreak CO2가 파이프라인 접근이 없는 배출 업체들이 CO2 배출을 효과적으로 관리하는 데 어떻게 기여할 수 있는지를 보여줍니다.
Navigator Holdings (NYSE: NVGS) et Bumi Armada Berhad ont annoncé que leur coentreprise, Bluestreak CO2, a signé un protocole d'accord (MoU) avec Uniper (UK). La collaboration vise à explorer la faisabilité de la mise en œuvre d'une installation de stockage flottant de CO2 liquide amarré à un quai et une solution de transport de CO2 liquide pour le projet de capture de carbone Grain proposé par Uniper au Royaume-Uni.
Ce projet s'aligne sur l'objectif du gouvernement britannique de décarboniser le secteur de l'énergie d'ici 2030. Bluestreak CO2 devrait concevoir et mettre en œuvre une chaîne de valeur complète pour le CO2, incluant des pétroliers shuttle de CO2 liquide et des capacités de stockage. Cette initiative démontre comment Bluestreak CO2 peut aider les émetteurs n'ayant pas accès aux pipelines à gérer efficacement leurs émissions de CO2.
Navigator Holdings (NYSE: NVGS) und Bumi Armada Berhad haben angekündigt, dass ihr Joint Venture, Bluestreak CO2, ein Memorandum of Understanding (MoU) mit Uniper (UK) unterzeichnet hat. Die Zusammenarbeit zielt darauf ab, die Machbarkeit der Implementierung einer festgemachten schwimmenden CO2-Lageranlage und einer Lösung für den Transport von flüssigem CO2 für Unipers vorgeschlagenes Grain Carbon Capture-Projekt im Vereinigten Königreich zu erkunden.
Das Projekt stimmt mit dem Ziel der britischen Regierung überein, den Stromsektor bis 2030 zu dekarbonisieren. Es wird erwartet, dass Bluestreak CO2 eine umfassende CO2-Wertschöpfungskette entwirft und umsetzt, einschließlich flüssiger CO2-Shuttleschiffe und Speichermöglichkeiten. Diese Initiative zeigt, wie Bluestreak CO2 Emittenten ohne Zugang zu Pipelines effektiv bei der Verwaltung ihrer CO2-Emissionen unterstützen kann.
- Potential new business opportunity in CO2 transport and storage
- Alignment with UK government's decarbonization goals
- Collaboration with major energy company Uniper
- Expansion into growing carbon capture and storage market
- Project still in exploratory phase with no definitive agreements
- Joint venture documentation not yet finalized
- Regulatory approvals and board approvals still pending
Insights
The MoU between Navigator Gas, Bumi Armada and Uniper is impactful for several reasons. First, it signals a strategic partnership that aims to address a significant market need within the carbon capture and storage industry. For Navigator Gas (NYSE: NVGS) and Bumi Armada, this collaboration provides an opportunity to diversify their revenue streams by entering the burgeoning carbon capture and storage market. Additionally, the planned implementation of a CO2 transport and storage value chain aligns with global sustainability trends, potentially positioning them as leaders within this niche. Given that carbon capture technology and services are expected to grow rapidly due to increasing regulatory and investor pressure for decarbonization, this agreement could be a catalyst for future business growth. Investors should monitor the progress of this MoU closely, as successful execution could lead to new revenue streams and enhance long-term shareholder value.
This MoU represents a significant step in the decarbonization efforts within the energy sector. From an environmental standpoint, the collaboration between Navigator Gas, Bumi Armada and Uniper could set a precedent for the use of marine-based solutions to tackle CO2 emissions. The innovative approach of using floating liquid CO2 storage and shuttle tankers offers a flexible solution for capturing and storing emissions from sources lacking pipeline access. This addresses a common bottleneck in CO2 sequestration projects and could accelerate the adoption of carbon capture technologies across various industries. The successful implementation of this project would not only contribute to the UK’s decarbonization goals but also offer a scalable model that other countries could replicate. In the longer term, this partnership could help bring down the cost of carbon capture, making it a more viable option for a broader range of industries.
From a market research perspective, the MoU signals a strategic alignment with current energy transition trends. Uniper’s commitment to decarbonizing its operations, alongside Navigator Gas and Bumi Armada’s expertise in maritime logistics and engineering, creates a compelling case for investors interested in sustainable energy solutions. The collaboration's focus on a non-pipeline CO2 transport solution addresses a critical gap in the market, providing a unique selling point that could attract further partnerships and investments. This MoU also positions the joint venture to benefit from potential regulatory support and subsidies aimed at promoting carbon capture technologies. For stakeholders, this development indicates a forward-thinking approach that aligns with global efforts to combat climate change, potentially boosting the companies' reputations and opening up new business opportunities. Investors should consider the broader market implications and the potential for this partnership to drive innovation and growth in the carbon capture and storage sector.
LONDON, July 24, 2024 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (hereinafter referred to as “Navigator Gas”) (NYSE: NVGS) and Bumi Armada Berhad (“Bumi Armada”) announced today that Bluestreak CO2 Limited, the 50/50 joint venture relating to the previously announced non-binding memorandum of understanding between Navigator Gas and Bumi Armada (“Bluestreak CO2”), has entered into a memorandum of understanding (the “MoU”) with international energy company, Uniper (UK) Limited (“Uniper”), to help meet the UK Government’s aim of decarbonising the power sector by 2030.
Pursuant to the MoU, the parties have agreed to collaborate to explore the feasibility of implementing a jetty-moored floating liquid CO2 storage facility and liquid CO2 carrier solution, for the export of CO2 from Uniper’s proposed Grain Carbon Capture project on the Isle of Grain, United Kingdom.
The parties to the MoU anticipate that Bluestreak CO2, by leveraging the expertise and experience of Navigator Gas and Bumi Armada, could design, and ultimately implement, a comprehensive CO2 value chain. The value chain is expected to be comprised of liquid CO2 shuttle tankers capable of loading from and delivering to either a floating carbon and storage unit or floating carbon, storage and injection unit. The complete value chain is expected to transport liquid CO2 safely and reliably, and provide buffer storage capability. The CO2 is intended to be subsequently injected into offshore storage aquifers and/or depleted oil and gas reservoirs in a controlled manner, with surveillance and management of the permanent storage location.
It is anticipated that the collaboration with Uniper will demonstrate how Bluestreak CO2 is able to serve emitters with no access to pipeline infrastructure in effectively managing their CO2 emissions.
Mike Lockett, Uniper’s UK Country Chair:
“Uniper is investing significantly to decarbonise our power stations, to meet our ambitious target for our installed power generating capacity to be more than
“We are exploring a range of options to transform our gas-fired generation to achieve this, from alternative fuels, such as hydrogen or biofuels, to post combustion carbon capture. Grain power station is one of the most efficient gas plants in Uniper’s fleet, and retrofitting carbon capture technology would remove millions of tonnes of CO2, enabling the plant to continue to provide flexible and reliable power to the UK’s energy system.
“This collaboration will play an important role in helping to identify a shipped solution to safely transfer the captured CO2 from Grain for permanent offshore storage. Flexible CO2 transport solutions are needed to decarbonise essential industrial processes, which are not close to pipeline and subsea storage locations and will be critical to get first of a kind non-pipeline projects like Grain Carbon Capture into operation.”
Mads Peter Zacho, Navigator’s Chief Executive Officer, commented:
“Navigator Gas will play a key role in enabling Uniper to decarbonise its operations together with Bumi Armada. By bringing the right people to the table, we can leverage our collective expertise to design a sustainable and long-term CO2 shipping and storage value chain. This adds value and reduces environmental impact, aligning perfectly with our sustainability goals.”
Gary Christenson, Bumi Armada’s Chief Executive Officer, commented:
“Bumi Armada is committed to achieving net zero by 2050. As an industry leader, we believe that all players need to take an integrated approach to accelerate the reduction of GHG emissions globally. We, together with Navigator Gas, are excited to work with Uniper to design and, ultimately, work to implement sustainable and scalable solutions to capture and store their carbon emissions. We will continue to deliver innovative low carbon solutions as our commitment to decarbonise GHG emissions.”
Bumi Armada and Navigator Gas anticipate entering into definitive documentation for the Bluestreak CO2 joint venture by the end of the fourth quarter of 2024. The joint venture is subject to the execution of such definitive documentation, approvals by the respective boards of directors of Navigator Gas and Bumi Armada, applicable regulatory approvals and other customary closing conditions.
About Navigator Gas
Navigator Holdings Ltd. (hereinafter described as “Navigator Gas”) is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a
Navigator’s common stock trades on the New York Stock Exchange under the symbol “NVGS”.
Navigator Gas
| Attention: | Investor Relations investorrelations@navigatorgas.com and randy.giveans@navigatorgas.com | |
| Address: | 333 Clay Street, Suite 2480, Houston, Texas, U.S.A. 77002 | |
| Tel: | +1 713 373 6197 and +44 (0)20 7340 4850 | |
Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link – New York
Tel: +1-212-661-7566
Email: navigatorgas@capitallink.com
About Bumi Armada
Bumi Armada is a global provider of floating infrastructure systems, offshore energy engineering, facilities, and services provider. Bumi Armada is committed to delivering world-class performance across a broad range of major marine projects. Bumi Armada partners and operates the only FPSO vessel in the world that uses an amine recovery system to extract H2S from the production gas. This is the same amine system that is used for many of the CO2 capture-recovery systems worldwide. Bumi Armada is also engineering a carbon capture injection system for a gas field incorporating its experience. Bumi Armada owns and operates one of the largest Floating Production Systems in the UK North Sea, which is also amongst the most complex systems of its kind, supporting the production of its main UK client.
Bumi Armada
Attention: Investor Relations
ir@bumiarmada.com
Tel: +603 2302 9000
About Uniper
Düsseldorf-based Uniper is an international energy company with activities in more than 40 countries. The company and its roughly 7,000 employees make an important contribution to supply security in Europe, particularly in its core markets of Germany, the United Kingdom, Sweden, and the Netherlands.
Uniper’s operations encompass power generation in Europe, global energy trading, and a broad gas portfolio. Uniper procures gas – including liquefied natural gas (LNG) – and other energy sources on global markets. The company owns and operates gas storage facilities with a total capacity of more than 7 billion cubic meters.
Uniper intends to be completely carbon-neutral by 2040. Uniper aims for its installed power generating capacity to be more than
Uniper is a reliable partner for communities, municipal utilities, and industrial enterprises for planning and implementing innovative, lower-carbon solutions on their decarbonization journey. Uniper is a hydrogen pioneer, is active worldwide along the entire hydrogen value chain, and is conducting projects to make hydrogen a mainstay of the energy supply.
About Uniper UK
In the UK, Uniper owns and operates a flexible generation portfolio of seven power stations, a fast-cycle gas storage facility and two high pressure gas pipelines, from Theddlethorpe to Killingholme and from Blyborough to Cottam. We also have significant long-term regasification capacity at the Grain LNG terminal in Kent, to convert LNG back to natural gas.
Uniper in the UK press team
Sara Revell, Senior Press officer
Email: Pressoffice.uk@uniper.energy
Forward Looking Statements
There can be no assurance that definitive documentation for the Bluestreak CO2 joint venture transaction will be executed or that the joint venture will be completed on the terms or the timing anticipated or at all. There also can be no assurance that the value chain for shipment, storage and injection of CO2 will be designed and implemented as anticipated or at all.
This press release contains certain forward-looking statements concerning plans and objectives of management for future operations or economic performance, or assumptions related thereto, including statements concerning the MoU and the proposed Bluestreak CO2 joint venture, and their respective anticipated terms and benefits, the anticipated timing of completion and anticipated timing of any CO2 shipment and/or storage. In addition, Navigator Gas, Bumi Armada and Uniper and their respective representatives may from time to time make other oral or written statements that are also forward-looking statements. In some cases, you can identify the forward-looking statements by the use of words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “ultimately,” “scheduled,” or the negative of these terms or other comparable terminology. Forward-looking statements appear in a number of places in this press release. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. With respect to Navigator Gas, these risks and uncertainties include but are not limited to those set forth in the periodic reports Navigator Gas files with the Securities and Exchange Commission.
All forward-looking statements included in this press release are made only as of the date of this press release. New factors emerge from time to time, and it is not possible for any of Navigator Gas, Bumi Armada or Uniper to predict all of these factors. Further, none of Navigator Gas, Bumi Armada or Uniper can assess the impact of each such factor on their respective businesses or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Navigator Gas, Bumi Armada and Uniper each expressly disclaim any obligation to update or revise any forward-looking statements, whether because of future events, new information, a change in their respective views or expectations, or otherwise. None of Navigator Gas, Bumi Armada or Uniper make any prediction or statement about the performance of their respective common stock.
Category: General
FAQ
What is the purpose of the MoU between Bluestreak CO2 and Uniper?
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When is the Bluestreak CO2 joint venture expected to be finalized?
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