Masdar, Mitsubishi Chemical Group and INPEX Agree on Joint Feasibility Study for Carbon Recycle Chemicals Project in Abu Dhabi, UAE
Abu Dhabi Future Energy Company PJSC – Masdar (“Masdar”), Mitsubishi Chemical Group Corporation (“MCG”) and INPEX CORPORATION (“INPEX”) announced that they reached an agreement on 17th July 2023 to conduct a joint feasibility study (“FS”) for a carbon recycle chemicals project (“CRC Project”) including production of the world’s first commercial-scale polypropylene produced from CO2 and green hydrogen in Abu Dhabi, United Arab Emirates.
The execution of the agreement was announced during the JAPAN-UAE Business Forum held on 17th July 2023 in Abu Dhabi, in the presence of Prime Minister Fumio Kishida of Japan and HH Sheikh Hamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council.
JAPAN-UAE Business ForumThe FS will be conducted to explore the feasibility of a commercial scale CRC Project to produce polypropylene from e-methanol via propylene. The scope of the FS includes project economics and measurement of CO2 emission reduction as well as an integrated process review from the procurement of feedstock materials including hydrogen production and CO2 collection to the production of e-methanol, propylene, and polypropylene.
Methanol is widely used in various industries as a basic chemical material. There has been a surge in demand for cleaner marine fuel such as e-methanol that will be produced from the CRC Project. Polypropylene, a type of plastic material, is used to manufacture a wide range of indispensable daily products and materials. E-Methanol and polypropylene produced from the CRC Project have lower life-cycle CO2 emissions compared with conventional products. Through the FS and further development of the CRC Project, Masdar, MCG and INPEX aim to help various industries decarbonize or reduce their carbon footprint.
Masdar is the UAE’s clean energy champion and has been pioneering renewable energy for over 17 years. As well as investing in utility-scale solar and wind project around the world, Masdar has been exploring green hydrogen since 2008. The company is targeting green hydrogen production of 1 million tonnes per annum by 2030 and has signed and executed several global collaboration agreements with their strategic alliance partners in recent years. Active in over 40 countries, Masdar’s combined renewable energy capacity is over 20GW and its global investment portfolio exceeds US$30 billion. Masdar has invested in renewable energy technologies including waste-to-energy, geothermal and battery storage.
MCG is Japan’s largest chemical company by sales volume and contributes to realizing a circular economy by targeting carbon neutrality by 2050. Together with JGC Corporation, MCG has jointly developed a technology to directly produce propylene from methanol.
INPEX presented its “5 net zero business” initiatives including the development of a hydrogen business and promotion of carbon recycling opportunities in its long-term strategy and medium-term business plan (INPEX Vision @2022) announced in February 2022. The CRC Project, including hydrogen production and CO2 collection, is in line with these initiatives through which INPEX will seek to contribute to the realization of a net zero carbon society by 2050.
About MasdarAbu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
About the Mitsubishi Chemical GroupMitsubishi Chemical Group Corporation (TSE: 4188) is a specialty materials provider with an unwavering commitment to lead with innovative solutions to achieve KAITEKI, the well-being of people and the planet. We bring deep expertise and material science leadership in core market segments such as mobility, digital, food, and healthcare. In this way, we enable industry transformation, technology breakthroughs, and longer, more fruitful lives for us all. Together, around 70,000 employees worldwide provide advanced chemistry-based solutions to deliver the core elements of our slogan — “Science. Value. Life.”
About INPEXINPEX CORPORATION is Japan’s largest exploration and production (E&P) company, and is currently involved in projects across multiple continents, including the Ichthys LNG Project in Australia as Operator. By thoroughly making its oil and gas business cleaner while expanding its 5 net zero business areas, INPEX aims to provide a stable supply of diverse and clean energy sources including oil, natural gas, hydrogen, and renewables as a pioneer in energy transformation.