Scotland’s 1st big carbon capture & storage project: INEOS, a petrochemicals giant, has signed a Memorandum of Understanding (MoU) to work jointly with other significant companies to create what is portrayed as Scotland’s 1st carbon capture and storage (CCS) scheme.
Associates for the alleged Acorn project incorporate Storegga, Shell & Harbour Energy.
The establishment, that is further funded by the UK and Scottish governments as well as the European Union, is expected to allow the capture & storage of nearly one million tonnes of carbon dioxide each year by 2027.
The first stage of the project, located at the St Fergus gas terminal complex in NE Scotland, is expected to capture about 300,000 tonnes every year of present industrial carbon dioxide emissions, and transfer them for permanent storage deep below the North Sea.
INEOS manages petrochemical plants located in Grangemouth, Scotland.
Chief Executive Officer of Storegga and Lead Developer of the Acorn Project, Nick Cooper announced: “The Acorn CCS and hydrogen project is advanced, highly scalable and has clear visibility of a large carbon dioxide customer base.
“Acorn provides critical carbon reduction infrastructure to the growing Scottish Cluster of emitters and to the wider UK.”
Andrew Gardner, Chairman INEOS Grangemouth, added: “As one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a carbon-intensive industry and we have a significant role to play in helping Scotland reach its Net Carbon Zero target by 2045.”
Scotland’s 1st big carbon capture & storage project