30 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 CASE STUDY BUILDING THE CARBON VALUE CHAIN Yinson Production is collaborating with partners to deliver an end-to-end carbon capture, collection, transportation and storage solution. 1 CARBON CAPTURE • We are installing the world’s first offshore post-combustion carbon capture plant onboard FPSO Agogo, estimated to be operational in 2025. This pilot-scale unit will capture CO2 from gas turbine exhaust, serving as a demonstration unit in an offshore floating environment to assess technical readiness and gain operational experience. • Yinson Production has invested in Ionada PLC for its innovative post-combustion carbon capture technology. Ionada’s technology uses a hollow fibre membrane contactor with proven amine absorbents and will potentially be deployed on future FPSO projects. • We are exploring Carbon Capture-as-a-Service for small and mid-sized emitters with Ionada’s technology, offering CO2 capture on a per-tonne basis. 2 DIRECT AIR CAPTURE • We have invested in Carbon Removal AS, a Norwegian Direct Air Capture (“DAC”) project development company. The goal is to develop and operate DAC plants globally. • DAC removes CO2 directly from the atmosphere using engineered technology and permanently stores it. The captured CO2 could be used to generate carbon credits, providing an offset pathway for hard-to-abate industries. • Our first DAC plant, planned for development by 2028 in Øygarden, Norway, aims to capture 500 kt of CO2 per year from the air, storing it permanently in offshore saline aquifers. The proposed site is adjacent to the Northern Lights Onshore CO2 Receiving Terminal, which is currently under construction. Sharing CO2 transport and storage facilities with Northern Lights infrastructure is the primary advantage of this DAC plant. • In March 2024, we were awarded a technology development grant of NOK 26.3 million (about USD 2.5 million) by Norwegian government agency Enova SF, from its Climate and Energy Fund, to perform preliminary studies on this plant. COLLECTION AND SEQUESTRATION HUBS • We are collaborating with partners to develop and operate potential carbon sequestration hubs, offering decarbonisation services to regional customers in key markets such as Northwest Europe, Australia and Southeast Asia. We aim to develop these hubs by 2028. • As part of these hubs, we are assessing the techno-commercial viability of deploying floating infrastructure such as Floating CO2 Collection, Liquefaction, Storage and Offloading terminals, and Floating Liquid CO2 Storage and Injection units. 3 4 Individual emitters (heavy industry) Individual emitters (biomass) Floating CO2 Collection, Storage and Offloading Terminals Collection Hub Geo-storage and monitoring LCO2 Floating Storage and Injection Unit Direct Air Capture Carbon Capture as a Service 1 2 3 4 LCO2 Carrier In Partnership Carbon Removal Credits In Partners
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