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Released December 23, 2024 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--A final investment decision (FID) has been taken to build one of Europe's largest planned commercial-scale carbon dioxide (CO2) storage projects off the coast of Denmark.
INEOS Group AG (London, England) and partners have announced that they will progress the major Greensand Future project, which will capture and permanently store 400,000 tonnes of CO2 each year when commissioned at the end of next year. This will be expanded as needed towards 2030 as CO2 volumes increase with a potential to store up to 8 million tonnes of CO2 per annum--equivalent to more than 10% of Denmark's current annual CO2 emissions. INEOS said the decision to go ahead "paves the way for expected investments of more than $150 million across the Greensand CCS value chain." CO2 captured by INEOS from its Zwijndrecht refinery in Belgium will be shipped via the port of Antwerp to INEOS' Nini West oil platform 200 kilometers (km) off the west coast of Denmark, where it will be injected as a liquid into the former oil field, 1.8 km below the seabed surface. Last year, Industrial Info reported that the pilot project had completed Europe's first successful injection of captured carbon dioxide (CO2). For additional information, see March 21, 2023, article - First Captured CO2 Injected into North Sea.
Sir Jim Ratcliffe, chairman of INEOS, said: "Greensand Carbon Storage is a far better way to decarbonise Europe than deindustrialize. That just moves the problem elsewhere, doesn't solve it, and destroys jobs. Our Investment in Greensand helps secure a sustainable future for both the planet and the economy. "This is a breakthrough for carbon capture and storage. Greensand Future will be the first CO2 storage facility in operation in the EU [European Union] supporting both Danish and EU's climate objectives."
The European Commission (EC) has estimated that the EU will need to establish a carbon storage capacity of 250 million tonnes of CO2 per year by 2040 to achieve the objectives of the Paris Agreement. CCS is also considered a key technology in reaching the Danish 2045 net-zero targets. Final investment decisions have also been taken on other major European capture projects such as the US$1.3 billion Porthos project in the Netherlands late last year. The Porthos initiative at the Port of Rotterdam is the first major CO2 transport and storage project in the country, and aims to reduce emissions from the port's industries. 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. The project aims to store roughly 2.5 million tonnes of CO2 per year. 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. For additional information, see March 21, 2023, article - Full Speed Ahead for Dutch Carbon Capture Project.
In October, the world's largest commercial carbon capture and storage (CCS) project was officially commissioned. The first phase of the Northern Lights initiative in Norway, comprising a receiving terminal in Øygarden in western Norway alongside injection pipeline and subsea installations, is capable of storing 1.5 million tonnes of captured CO2 per year. For additional information, see October 29, 2024, article - Norway Opens World's Largest Carbon Capture Operation. Industrial Info has been tracking five key projects involved in the first phase of development. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
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).
INEOS Group AG (London, England) and partners have announced that they will progress the major Greensand Future project, which will capture and permanently store 400,000 tonnes of CO2 each year when commissioned at the end of next year. This will be expanded as needed towards 2030 as CO2 volumes increase with a potential to store up to 8 million tonnes of CO2 per annum--equivalent to more than 10% of Denmark's current annual CO2 emissions. INEOS said the decision to go ahead "paves the way for expected investments of more than $150 million across the Greensand CCS value chain." CO2 captured by INEOS from its Zwijndrecht refinery in Belgium will be shipped via the port of Antwerp to INEOS' Nini West oil platform 200 kilometers (km) off the west coast of Denmark, where it will be injected as a liquid into the former oil field, 1.8 km below the seabed surface. Last year, Industrial Info reported that the pilot project had completed Europe's first successful injection of captured carbon dioxide (CO2). For additional information, see March 21, 2023, article - First Captured CO2 Injected into North Sea.
Sir Jim Ratcliffe, chairman of INEOS, said: "Greensand Carbon Storage is a far better way to decarbonise Europe than deindustrialize. That just moves the problem elsewhere, doesn't solve it, and destroys jobs. Our Investment in Greensand helps secure a sustainable future for both the planet and the economy. "This is a breakthrough for carbon capture and storage. Greensand Future will be the first CO2 storage facility in operation in the EU [European Union] supporting both Danish and EU's climate objectives."
The European Commission (EC) has estimated that the EU will need to establish a carbon storage capacity of 250 million tonnes of CO2 per year by 2040 to achieve the objectives of the Paris Agreement. CCS is also considered a key technology in reaching the Danish 2045 net-zero targets. Final investment decisions have also been taken on other major European capture projects such as the US$1.3 billion Porthos project in the Netherlands late last year. The Porthos initiative at the Port of Rotterdam is the first major CO2 transport and storage project in the country, and aims to reduce emissions from the port's industries. 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. The project aims to store roughly 2.5 million tonnes of CO2 per year. 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. For additional information, see March 21, 2023, article - Full Speed Ahead for Dutch Carbon Capture Project.
In October, the world's largest commercial carbon capture and storage (CCS) project was officially commissioned. The first phase of the Northern Lights initiative in Norway, comprising a receiving terminal in Øygarden in western Norway alongside injection pipeline and subsea installations, is capable of storing 1.5 million tonnes of captured CO2 per year. For additional information, see October 29, 2024, article - Norway Opens World's Largest Carbon Capture Operation. Industrial Info has been tracking five key projects involved in the first phase of development. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
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).
