April 29, 2025 [PR Newswire]- HYCO1, Inc. and Malaysia LNG Sdn. Bhd. (MLNG) signed a Memorandum of Understanding (MOU) to collaborate on the potential utilization and conversion of Carbon Dioxide (CO₂) into chemical and fuel products, setting new standards for sustainability and innovation. The signing was between Gregory Carr, CEO of HYCO1, Inc., and Mohamed Syazwan Abdullah @ Laga Jenggi, Managing Director & CEO, Malaysia LNG Group of Companies. The Carbon Capture and Utilization (CCU) Project will be located in Bintulu, Sarawak, Malaysia, the home of Malaysia LNG Sdn. Bhd. (MLNG; a subsidiary of PETRONAS), which is the CO₂ supplier for the project. 

Central to this initiative is HYCO1’s breakthrough CUBE™ Technology, which uses CO₂ as a primary feedstock to displace higher cost natural gas to produce equivalent industrial-grade syngas in customizable ratios of hydrogen (H₂) and Carbon Monoxide (CO). Under the MOU, HYCO1 and MLNG will conduct a joint feasibility study to evaluate design alternatives to produce low-cost, low-carbon syngas that best meets demand from a wide range of potential downstream syngas users. By transforming CO₂ from an emissions waste gas into much-needed chemical and fuel products, this project sets a new standard for sustainability and innovation. By using lower-cost CO₂ feedgas to displace higher-cost natural gas, the HYCO1 CUBE™ process will disruptively produce lower CI, “blue”, emissions free syngas for less than the cost of today’s “gray” syngas made from using natural gas. The CCU plant is expected to be completed by 2029. 

“This is very exciting for all stakeholders, including HYCO1 and MLNG and will benefit all Malaysians,” Gregory Carr shared. “We feel honored to collaborate with MLNG to support their Net Zero Carbon Emissions (NZCE) by 2050 aspirations. Our revolutionary process and catalyst are game changers in decarbonization because not only do we prevent CO₂ from being emitted into the atmosphere, but we transform it into highly valuable and usable downstream products,” says Mr. Carr. 

This landmark MOU marks the launch of work on what HYCO1 and MLNG expect to become one of the largest CO₂ utilization projects in history. Unlike traditional efforts focused solely on CO₂ capture and high-cost sequestration (Carbon Capture and Sequestration, CCS), this project pioneers a new approach by fully utilizing captured CO₂ emissions to profitably and competitively generate valuable products. 

This project is a testament that profitably achieving net-zero emissions without a cost penalty is not only a realistic goal at large scale but also an opportunity to drive innovation and create economic value.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data