Chubu Electric Power signs agreement with INPEX to deepen joint study to establish a Japan-Australia CCS value chain.

Chubu Electric Power Co., Inc. ("CHUBU") and INPEX CORPORATION ("INPEX") announced today the signing of an agreement to deepen the joint study for the development of a Carbon Capture and Storage (CCS) value chain from the Nagoya Port to Bonaparte Basin offshore northern Australia.

This agreement builds upon the memorandum of understanding signed between CHUBU and INPEX in October 2024 (Press release issued on October 21, 2024 ) regarding the joint study, and reflects the initial findings obtained through the feasibility study on the technical aspects of CO2 marine transport. Based on these results, the parties will advance their joint study to further deepen the study of a potential CCS project linking Nagoya Port and the Bonaparte Basin in Australia.

Pursuant to this agreement, CHUBU, together with INPEX, will work on examining optimal CO2 transportation methods and the timeline to establish regulatory frameworks in Japan and Australia, for the purpose of building a value chain. Through this work, CHUBU will continue to advance the study of the Nagoya Port CCUS project as a means of supporting the decarbonization of the Nagoya Port area.

This agreement was presented today at the Memorandum Ceremony of the third Asia Zero Emission Community (Note) Ministerial Meeting, held in Kuala Lumpur, Malaysia.

In Chubu's global business, we will contribute to the realization of decarbonized society and further increase earnings by optimally combining the four domains of (i) green business centered on renewable energy, (ii) blue business in relation to CCUS or hydrogen business, (iii) retail, power transmission and distribution, and new services, and (iv) frontier business.

(Note) : Launched in March 2023 with partner countries, this framework promotes cooperation to advance the energy transition, reflecting the shared vision of decarbonization across Asia.

The scene from the signing ceremony of the 3rd AZEC Ministerial Meeting from left to right

Chubu Electric Deputy Division CEO of Global Business Yukiko Morishita
Minister of Economy, Trade and Industry Yoji Muto
Deputy Ambassador, Australian Mission to ASEAN Amy Williams
INPEX General Manager, Strategy & Projects Development Unit, Low Carbon Solutions Division Masato Kamiya

Reference: Location of the Bonaparte Basin