Japanese companies team up for carbon capture project in Hokkaido

TOKYO (Reuters) - Japan Petroleum Exploration Co, Idemitsu Kosan Co and Hokkaido Electric Power Co said on Tuesday they have teamed up to develop a carbon capture and storage (CCS) facility in northern Japan.

CCS is part of Japan's goal to reach carbon neutrality in 2050, with projects being studied at home and also with partners abroad, including in Malaysia.

The project, which has a capacity of 1.5 million-2 million metric tons per year, will be located in the Tomakomai area on Japan's northern island of Hokkaido, according to the statement.

The three companies aim to launch the project in 2030, the statement said.

(Reporting by Katya Golubkova; Editing by Janane Venkatraman)