POSCO Holdings signed a memorandum of understanding with POSCO International, POSCO E&C and PETROS on a carbon capture and storage project using depleted oil and gas fields at the Sarawak State Government Complex in Malaysia on 12 December 2022. PETROS is an oil and gas company owned by the state of Sarawak, Malaysia. Under the memorandum of understanding, the two parties decided to conduct a feasibility analysis on the project to capture, transport, and store the CO2, being discharged from the operation of POSCO steelworks and from the production of blue hydrogen, at depleted, offshore oil and gas fields off the state of Sarawak. After signing the agreement, POSCO Group and PETROS plan to form a working group to discuss in detail everything from CO2 capture in Korea to CO2 transportation to Sarawak, Malaysia, CCS infrastructure facility construction, and CO2 injection and storage. Meanwhile, POSCO Holdings signed an agreement with Samsung Engineering, Lotte Chemical, Malaysia’s SEDC Energy, and Sarawak Energy Berhad, to promote the ‘Sarawak H2biscus Clean Hydrogen Project’ in September. The project is currently undergoing a feasibility study and aims to produce commercial hydrogen by the end of 2027.