Mitsui & Co (TYO:8031) has joined Thailand's first carbon capture and storage (CCS) project at the Arthit gas field in the Gulf of Thailand, the Nikkei reported Thursday.

Operations are set to start in 2028 with an annual capacity of 1 million metric tons of carbon dioxide, according to the report.

Mitsui's unit, MOECO Thailand, will hold a 4.7% stake, alongside Thailand's state energy group PTT. The project will capture carbon from gas flaring and store it under the seabed, the report said.

Arthit, which supplies about 8% of Thailand's natural gas, was selected by Japan's trade ministry for CCS support in 2022. Mitsui plans to apply lessons from the project to similar initiatives in Indonesia, Malaysia, and the U.S, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)