UK CCS project invested into by Japanese trading house: It has been announced by the Japanese trading house Mitsui & Co Ltd that they will invest in the development of carbon capture and storage (CCS) projects in Britain.
Developing the Acorn CCS project the company has purchased a 15.4% share in Storegga Geotechnologies.
The investment is an undisclosed sum.
To reduce costs the plan is to inject and store carbon dioxide emissions in depleted North Sea oil and gas reservoirs using existing offshore pipleine infrastructure.
CCS opportunities will later be developed by partners in Europe and Asia Pacific.
“Mitsui believes providing low carbon solutions to hard-to-abate industries such as energy will be critical in achieving net carbon zero targets.” said Masaharu Okubo, Chief Operating Officer of the Energy Business Unit 1.
UK CCS project invested into by Japanese trading house