Nippon Yusen Kabushiki Kaisha (NYK) announced on September 29, 2026, that it has signed a sale and purchase agreement with Vår Energi CCS AS to acquire a 30% interest in Trudvang CCS ANS, the operator of the Trudvang CCS project in Norway, as well as a corresponding 30% interest in the CO2 storage exploration license EXL007.

NYK Signs Agreement with Vår Energi

The agreement with Vår Energi is expected to be completed through a wholly owned subsidiary that NYK plans to establish in Norway. Completion of the transfer remains subject to regulatory approvals and other customary closing conditions.

Upon completion, NYK's planned Norwegian subsidiary will acquire from Vår Energi a 30% partnership interest in Trudvang CCS ANS and a corresponding 30% participating interest in EXL007, joining the project as a partner alongside the existing license holders.

Details of the Trudvang CCS Project

The Trudvang CCS project is being developed under license EXL007, which covers activities on the Norwegian Continental Shelf. The license is a CO2 storage exploration license awarded by the Norwegian Ministry of Energy for a designated area of the Norwegian Continental Shelf, granting its holders the exclusive right to conduct exploration activities within the license area to assess its potential for the geological storage of CO2.

The project aims to develop a transport and storage business that will transport CO2 captured from industrial emitters in Europe for injection and permanent storage in an offshore geological formation. Technical and commercial studies are currently underway toward the commercialization of the project.

The project is operated by Vår Energi CCS AS, with INPEX Idemitsu Norge AS participating as a partner. The business scope covers CO2 transport, injection, and storage.

The project's offshore CO2 transportation and storage concept envisions CO2 being transported by a liquefied CO2(LCO2) carrier equipped with a dynamic positioning system, then directly injected into subsea storage formations on the Norwegian Continental Shelf through an offshore receiving and injection facility.

A dynamic positioning system automatically calculates external forces such as wind and currents and uses thrusters and other propulsion devices to maintain a vessel's position at sea.

Building Capabilities Across the CCS Value Chain

The NYK Group has been advancing the development and commercialization of liquefied CO2 transportation through Knutsen NYK Carbon Carriers AS (KNCC), a 50:50 joint venture between NYK and the Knutsen Group.

In parallel, the group has been exploring business opportunities in adjacent areas of the CCS value chain, including marine transportation, offshore handling and injection, and geological storage.

Participation in the Trudvang project will enable the NYK Group to expand beyond marine transportation and build capabilities across the broader CCS value chain.

Through its involvement in a CCS project under development in Europe, the group aims to accumulate practical knowledge and expertise in project development as well as the technical and commercial aspects of the transport and storage business.

According to NYK, a key success factor for CCS projects is the establishment of an integrated value chain linking industrial emitters that capture CO2 with the infrastructure required to transport, inject, and permanently store the captured CO2. CCS, or carbon dioxide capture and storage, is a technology that capturesCO2 emitted from sources such as thermal power plants and industrial facilities and stores it in stable underground geological formations. When CO2 must be transported over long distances from the capture site to a utilization or storage site, dedicated LCO2 carriers may be used.

By leveraging the expertise accumulated through its marine transportation and offshore businesses, such as exploration and drilling, refining, liquefaction, and storage, the NYK Group intends to deepen its involvement in the transport and storage business through the project, including offshore handling, injection, and storage.

Alignment with NYK's Medium-Term Business Strategy

The move aligns with the NYK Group's medium-term management plan, "Sail Green, Drive Transformations 2026. A Passion for Planetary Wellbeing," which was released on March 10, 2023.

Under the plan, the group is promoting growth strategies with sustainability at the core, based on its mission statement of "Bringing value to life" and a new corporate vision for 2030 that reads, "We go beyond the scope of a comprehensive global logistics enterprise to co-create value required for the future by advancing our core business and growing new ones."

Through participation in the project, the NYK Group says it will work to establish a business foundation in the CCS sector, create new value beyond the traditional boundaries of shipping and offshore businesses, and contribute to the realization of a decarbonized society.

Stay Ahead of Norway's Carbon Capture Build-Out

With the EU pushing hard toward net-zero targets, dozens of CCUS hubs, storage sites, and CO2 transport networks are moving from feasibility studies to execution across Norway'. The question is simple: will you identify these opportunities before your competitors do?

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