3 days ago
- Business
- New Straits Times
Kelington shares rise on MoU with Petronas CCS
KUALA LUMPUR: Kelington Group Bhd's share price rose in early trade on Friday, following a memorandum of understanding (MoU) signed with Petronas CCS Solutions Sdn Bhd to explore carbon capture technologies.
At 9.53 am, the counter gained 4.0 sen to RM3.84, with 418,600 shares traded.
In a statement yesterday, Kelington said the collaboration will explore joint value propositions through a feasibility study leveraging its unit Ace Gases Marketing Sdn Bhd's expertise in carbon dioxide logistics and facility operations.
"This MoU will be valid for one year, with an option to extend for an additional year, subject to mutual agreement, and it will focus on identifying potential synergies and opportunities in managing carbon emissions.
"Upon completion, it is anticipated that the study will provide a comprehensive assessment of the commercial and technical viability of developing joint value propositions in relation to the transport of carbon emissions," it said.
It added that the findings may pave the way for potential future projects and collaborations between both parties, contributing to sustainable and innovative solutions for carbon management.
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