Technip Energies and PETRONAS Join Forces to Accelerate the Development of Carbon Capture Technologies

Rhea-AI Summary

Technip Energies has entered into a Heads of Agreement with PETRONAS to form a strategic collaboration aimed at advancing carbon capture technologies. The partnership focuses on technologies like CryoMin and PN2, which are designed to enhance CO₂ recovery. Both companies aim to accelerate the transition to a net-zero carbon future by developing innovative solutions and services that enable operators to reduce carbon emissions sustainably. This collaboration underscores Technip Energies' commitment to decarbonization and the energy transition.

Positive

• Formation of a strategic collaboration with PETRONAS aimed at developing carbon capture technologies.
• Focus on innovative technologies such as CryoMin and PN2 for enhanced CO₂ recovery.
• Commitment to accelerating the transition to a net-zero carbon future, which may drive future growth.

Negative

• None.

PARIS--(BUSINESS WIRE)-- Regulatory News:

Technip Energies (PARIS:TE) (ISIN:NL0014559478) and PETRONAS have signed a Heads of Agreement (HOA) establishing a strategic collaboration framework for the further development and commercialization of carbon capture technologies.

These include PETRONAS’ Rotating Pack Bed assisted cryogenic CO₂ recovery technology (CryoMin), and membrane based CO₂ recovery technology (PN2).

Technip Energies and PETRONAS are committed to accelerating the transition to a net-zero carbon future through increasing innovation and fostering active technology collaborations.

Both companies will work together on furthering the development of carbon capture technologies as well as the associated services and equipment, in order to help operators reduce their assets’ carbon emissions in a sustainable manner.

Arnaud Pieton, CEO of Technip Energies, commented: “Collaboration is vital across the industry to accelerate energy transition. We are proud to have signed this strategic partnership with PETRONAS, a long-standing client and partner which has in the past entrusted Technip Energies to design and deliver some of its most iconic assets. This new partnership extends our historical collaboration with PETRONAS into technology development within energy transition, calling on Technip Energies’ extensive capabilities on decarbonization technologies. It will generate unique synergies by combining Technip Energies’ and PETRONAS’ respective experiences in the development of essential technologies for the capture and management of CO₂. I trust that the technologies that we will co-develop and commercialize will serve the decarbonization efforts of PETRONAS and other clients extensively.”

Bacho Pilong, Senior Vice President of Project Delivery and Technology at PETRONAS, said: “PETRONAS leverages on innovations in a holistic approach towards its Net Zero Carbon Emissions 2050 aspiration and has identified carbon capture, utilization and storage (CCUS) technologies among core enablers towards achieving the ambition. We are excited about the many possibilities to be created under this collaboration between two companies equally passionate about advancing technologies that will mutually progress our sustainability agenda.
We also hope our synergy and the ensuing successes will spur similar partnerships that meet the triple bottom lines of profit, people and the planet for a better tomorrow”.

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”). For further information: www.technipenergies.com.

About Petroliam Nasional Berhad (PETRONAS)

We are a dynamic global energy group with presence in over 50 countries. We produce and deliver energy and solutions that power society’s progress in a responsible and sustainable manner.

We seek energy potential across the globe, optimising value through our integrated business model. Our portfolio includes cleaner conventional and renewable resources and a ready range of advanced products and adaptive solutions.

Sustainability is at the core of what we do as we harness the good in energy to elevate and enrich lives. People are our strength and partners for growth, driving our passion for innovation to progress towards the future of energy sustainability.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115006073/en/

Investor relations

Phillip Lindsay

Vice-President Investor Relations

Tel: +44 20 7585 5051

Email: Phillip Lindsay

Media relations

Stella Fumey

Director Press Relations & Digital Communications

Tel: +33 (1) 85 67 40 95

Email: Stella Fumey

Jason Hyonne

Press Relations & Social Media Lead

Tel: +33 1 47 78 22 89

Email: Jason Hyonne

Source: Technip Energies

FAQ

What is the purpose of the Technip Energies and PETRONAS partnership?

The partnership aims to develop and commercialize carbon capture technologies to accelerate the transition to a net-zero carbon future.

Which technologies are included in the Technip Energies and PETRONAS collaboration?

The collaboration includes PETRONAS’ CryoMin and membrane-based CO₂ recovery technology (PN2).

What benefits could Technip Energies gain from this partnership?

Technip Energies could enhance its position in the decarbonization market, driving future growth through innovative technology development.

When was the Heads of Agreement between Technip Energies and PETRONAS signed?

The specific date of the signing was not provided in the press release.

How might this collaboration affect the stock symbol 'THNPY'?

While the press release does not provide direct financial implications, successful technology development and commercialization could positively influence investor sentiment towards Technip Energies, impacting stock performance.