A partnership between a number of major oil firms has been agreed which will help develop Scotland’s first carbon capture and storage system.
Ineos Chemicals Grangemouth, Ineos FPS and Petroineos have signed a memorandum of understanding (MoU) with the Acorn CCS Project.
Operation of the new storage system, which will cover the whole Grangemouth site, is hoped to start in 2027 and will be linked to the Acorn CO2 transport and storage system in the north east of Scotland.
Investment at the Grangemouth site will enable the capture and storage of approximately one million tonnes a year of CO2 by the same year, with scope to increase this by further significant volumes beyond then.
9 July 2021 0:30 GMT Updated 9 July 2021 0:47 GMT in London
Three subsidiaries of privately-owned Ineos have signed a provisional deal that aims to see carbon dioxide from the company s industrial assets in Scotland sent to the Acorn carbon capture and storage (CCS) project in the country s north-east by 2027.
The memorandum of understanding with Acorn s backers was agreed by Ineos Chemicals Grangemouth, Ineos FPS and Petroineos.
Ineos and Petroineos own and operate one of Scotland’s largest manufacturing sites at Grangemouth.
Since taking ownership of the facility in 2005, it has reduced CO
2 emissions by 37%, adding that, once operational, the proposed CCS system will further increase emission reductions at the site to more than 50% compared with 2005.
A partnership between a number of major oil firms has been agreed which will help develop Scotland’s first carbon capture and storage system.
Ineos Chemicals Grangemouth, Ineos FPS and Petroineos have signed a memorandum of understanding (MoU) with the Acorn CCS Project.
Operation of the new storage system, which will cover the whole Grangemouth site, is hoped to start in 2027 and will be linked to the Acorn CO2 transport and storage system in the north east of Scotland.
Investment at the Grangemouth site will enable the capture and storage of approximately one million tonnes a year of CO2 by the same year, with scope to increase this by further significant volumes beyond then.
A partnership between a number of major oil firms has been agreed which will help develop Scotland’s first carbon capture and storage system.
Ineos Chemicals Grangemouth, Ineos FPS and Petroineos have signed a memorandum of understanding (MoU) with the Acorn CCS Project.
Operation of the new storage system, which will cover the whole Grangemouth site, is hoped to start in 2027 and will be linked to the Acorn CO2 transport and storage system in the north east of Scotland.
Investment at the Grangemouth site will enable the capture and storage of approximately one million tonnes a year of CO2 by the same year, with scope to increase this by further significant volumes beyond then.