Released October 30, 2023 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The developers of the largest planned carbon capture and storage (CCS) project in the Netherlands have signed off on the 1.3 billion euro (US$1.38 billion) project.
The positive financial decision by leading developers, Dutch state-owned energy infrastructure company Gasunie (Groningen, Netherlands) and Rotterdam port owner Port of Rotterdam Authority, opens the way for the development of a large number of CCS projects in the nearby refining and heavy industrial businesses. It comes two months after the project received the green light from the Dutch government. For additional information, see August 28, 2023, article - Dutch Court Green Lights Country's Largest Carbon Capture Project.
Other key backers of the "Porthos" project, which stands for Port of Rotterdam CO2 Transportation Hub and Offshore Storage, include Shell Plc (NYSE:SHEL) (London, England), Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas), Air Liquide (Paris) and Air Products and Chemicals Incorporated (NYSE:APD) (Allentown, Pennsylvania). Rotterdam Port is the largest in Europe, home to Europe's largest refining complex and accounts for approximately 16% of the total CO2 emissions in the Netherlands. Porthos aims to store roughly 2.5 million tonnes of CO2 per year. Emissions from the developers' local activities will be captured, compressed and transported through an offshore pipeline to a platform in the North Sea, approximately 20 kilometers (km) off the coast. From there CO2 will be pumped into empty gas fields more than 3 km beneath the North Sea. Industrial Info is tracking 11 projects associated with Porthos worth almost US$1 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
"The storage of CO2 is crucial if we want to achieve the climate goals in the Netherlands," explained Hans Meeuwsen, director of Porthos. "This investment decision is an important starting point for future developments in CO2 storage in the Netherlands." Hans Coenen, member of the Gasunie board of directors, added that this was the first major investment in the transport of CO2 in the Netherlands. "For us, the transport of CO2 is--in addition to the transport of hydrogen, heat and green gas--an important link in the further development of energy infrastructure that is necessary for the energy transition," he said.
Construction on the project is expected to begin in 2024, and the Porthos transport and storage system is expected to be operational in 2026. The project is listed as a project of common interest (PCI) by the European Union (EU) and has received 102 million euro (US$109 million) in financial support.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The positive financial decision by leading developers, Dutch state-owned energy infrastructure company Gasunie (Groningen, Netherlands) and Rotterdam port owner Port of Rotterdam Authority, opens the way for the development of a large number of CCS projects in the nearby refining and heavy industrial businesses. It comes two months after the project received the green light from the Dutch government. For additional information, see August 28, 2023, article - Dutch Court Green Lights Country's Largest Carbon Capture Project.
Other key backers of the "Porthos" project, which stands for Port of Rotterdam CO2 Transportation Hub and Offshore Storage, include Shell Plc (NYSE:SHEL) (London, England), Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas), Air Liquide (Paris) and Air Products and Chemicals Incorporated (NYSE:APD) (Allentown, Pennsylvania). Rotterdam Port is the largest in Europe, home to Europe's largest refining complex and accounts for approximately 16% of the total CO2 emissions in the Netherlands. Porthos aims to store roughly 2.5 million tonnes of CO2 per year. Emissions from the developers' local activities will be captured, compressed and transported through an offshore pipeline to a platform in the North Sea, approximately 20 kilometers (km) off the coast. From there CO2 will be pumped into empty gas fields more than 3 km beneath the North Sea. Industrial Info is tracking 11 projects associated with Porthos worth almost US$1 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
"The storage of CO2 is crucial if we want to achieve the climate goals in the Netherlands," explained Hans Meeuwsen, director of Porthos. "This investment decision is an important starting point for future developments in CO2 storage in the Netherlands." Hans Coenen, member of the Gasunie board of directors, added that this was the first major investment in the transport of CO2 in the Netherlands. "For us, the transport of CO2 is--in addition to the transport of hydrogen, heat and green gas--an important link in the further development of energy infrastructure that is necessary for the energy transition," he said.
Construction on the project is expected to begin in 2024, and the Porthos transport and storage system is expected to be operational in 2026. The project is listed as a project of common interest (PCI) by the European Union (EU) and has received 102 million euro (US$109 million) in financial support.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
