CEH and Masdar Sign MoU to Explore Potential Collaboration in Decarbonization Such as Offshore Wind Power, Hydrogen and Ammonia

Source Press Release
Company Cosmo Energy Holdings Co., Ltd. 
Tags Carbon Capture (CCS/CCUS), Hydrogen, Power, Strategy - Corporate
Date January 19, 2022

Cosmo Energy Holdings Co., Ltd. (Representative Director, Group CEO: Hiroshi Kiriyama; "CEH") and Abu Dhabi Future Energy Company PJSC-Masdar (Head Office: Abu Dhabi, United Arab Emirates; CEO: Mohamed Jameel Al Ramahi; "Masdar") signed a memorandum of understanding (MoU) on January 19 on considering collaboration in the offshore wind power generation business and decarbonization such as hydrogen energy, fuel ammonia, CCS (Carbon dioxide Capture and Storage)/CCUS (Carbon dioxide Capture Utilization and Storage).

  • 1. Opportunities to participate in future renewables projects, including offshore wind power projects based in Japan
  • 2. A possible strategic partnership to originate, develop and execute future renewables projects, including offshore wind power projects areas of mutual interests
  • 3. A possible expansion of the partnership to target hydrogen and ammonia related projects, CCS/CCUS projects, battery storage technology and energy trading

Based in the UAE, Masdar is one of the world’s leading renewable energy companies, and since its establishment in 2006, has invested in a variety of renewable energy projects using new technologies worldwide. We expect this collaboration with  Masdar in the area of renewable energy will enable us to utilize its knowledge and know-how for future projects.

CEH has been engaged in crude oil procurement and oil exploration and production in the UAE for more than half a century and has established good relationships with UAE-based companies. With the conclusion of a memorandum of understanding with Masdar, we aim to further strengthen our relationships beyond the conventional framework.

Based on the Sixth Consolidated Medium-Term Management Plan (Oil & New), CEH is expanding its business portfolio by investing in renewable energy and other growth businesses while strengthening profitability of the petroleum business and financial position in anticipation of future decarbonization. In particular, wind power generation business plays a key role in our renewable energy business, and we intend to continue expanding the scale of such generation in the future. In addition, in response to accelerating decarbonization, we will promote consideration of new business areas other than wind power, such as hydrogen energy, fuel ammonia, and CCS/CCUS to achieve carbon net-zero.

Japan’s decarbonization is accelerating and all companies have been asked how to develop the technologies required for the decarbonized society of the future. The collaboration with our longstanding partner Masdar, one of the leading companies in this field, provides great opportunities to advance this initiative. I hope that the knowledge and know-how of both companies will be utilized in future potential projects related to decarbonization.

Masdar CEO, Mr. Mohamed Jameel Al Ramahi>

The UAE and Japan share common objectives on carbon reduction and climate action and this MoU could help in accelerating Japan’s energy transition and support sustainable economic growth. This initiative also represents an opportunity for Masdar to expand its presence in Asia, a market that is of key strategic importance for us. We look forward to leveraging our extensive experience in offshore wind, to contribute to Japan’s offshore wind targets, and to work a long-standing partner like Cosmo Energy on other initiatives that could support decarbonization.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd