Chemicals giant INEOS backs Scottish carbon capture and storage
3:36 am Friday, July 09th, 2021
LONDON (Reuters) – Chemicals giant INEOS said on Friday it will work with the Acorn carbon capture and storage project to help develop Scotland’s first carbon capture storage system.
Some scientists say technology to capture and store carbon dioxide (CO2) emissions will be needed to meet climate goals set by the Paris agreement designed to limit global warming to 1.5 degrees Celsius, but few large scale projects exist.
INEOS said it will explore options for emissions from its Grangemouth petrochemicals plant and oil refinery, with Petroineos, its joint venture with Petrochina which runs the refinery, also part of the deal.
“The carbon capture and storage system will provide an essential route to permanently and safely capture and store CO2 emissions for large industrial emitters throughout Scotland,” INEOS Grangemouth Chairman Andrew Gardner said.
The Acorn project is being developed by Storegga with partners including Shell and Harbour Energy and is seeking to store CO2 under the North Sea.
INEOS also said this month it would buy shares worth 25 million pounds to become a cornerstone investor in clean hydrogen company HydrogenOne Capital Growth when it lists on the London Stock Exchange.
(Reporting by Susanna Twidale; Editing by Alexander Smith)
