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Energean offers $500m carbon storage facility in Greece

Published : Friday, 26 February, 2021 at 5:54 PM  Count : 330

Energean offers $500m carbon storage facility in Greece

Energean offers $500m carbon storage facility in Greece


Energean PLC has submitted a proposal to the Greek government to build a carbon dioxide storage facility and a hydrogen plant in northern Greece near its old Prinos oil field.

At a conference on Wednesday, CEO Matthias Rigas said without elaborating that the project would be the first of its kind in the Mediterranean. The capital cost of the project is about $500 million and if approved, the project will be financed by the European Union's recovery and resilience facility, said a person familiar with the plan, who said the details should not be identified as private.

Energy, listed in London, declined to provide further details.

Greece will receive 32 billion euros ($ 39 billion) from a fund designed to help member states cope with the effects of the coronavirus epidemic.

Greece produces about 100,000 million metric tons of carbon dioxide a year, so increasing the project could lead to further reductions in the future, which would help reduce the country's emissions by about 2.5 million tons, or 4%, the individual said.

Sigma Onshore, located in Kawala, near Energian Prinos, plans to build a small blue hydrogen plant off the coast. Blue hydrogen refers to the conversion of natural gas into hydrogen and carbon dioxide.

GY

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