4 billion euros in carbon capture and storage investments

Investments of 4 billion euros in carbon capture and storage projects are being launched in the near future, with the completion of the institutional framework and the approval of financing for the projects from European and national funds.

Investments of 4 billion euros in carbon dioxide capture and storage projects by industries that do not have the technological ability to reduce their emissions are being launched in the near future, with the completion of the institutional framework (the relevant bill will be voted on Thursday in Parliament) and the approval of financing for the projects from European and national funds.

Within the framework of the European conference on the management of industrial emissions (Industrial Carbon Management Forum) organized in Athens by the European Commission in collaboration with the Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA), an agreement was signed for financing the carbon dioxide storage project being developed by EnEarth (a subsidiary of Energean) in Prinos.

Specifically, it is planned to allocate 120 million euros from the Connecting Europe Facility in order to convert the depleted Prinos deposit into an underground carbon dioxide storage facility. According to the company's schedule, as stated by the CEO, Nikos Rigas, the market test for the project will take place in mid-2026, followed by the required drilling for water pumping and carbon dioxide injection.

The chain of projects presented by HEREMA CEO Aristophanes Stefatos includes, in addition to the underground warehouse:

– Investments to capture pollutants from sectors such as refineries, chemicals and cement industries that do not have the technological capacity to reduce emissions. European funding has already included projects by the Titan, Hercules and Motor Oil industries.

– DESFA's Apollo CO2 project for the transport of carbon dioxide from industries to a liquefaction terminal in Revithoussa and its transshipment onto ships for transport to Prinos or other underground storage facilities.

The issue highlighted by Deputy Minister of Environment and Energy Nikos Tsafos, speaking at the event, is that industrial emissions (around 10 million tons per year) already exceed the storage capacity in Prinos (1 million in the first phase and 2.8 million per year in full development). Therefore, cooperation with third countries, not only European ones, is required.

Greece has already signed a relevant memorandum of cooperation with Egypt, where the storage capacity reaches 580 million tons.

In his address to the conference, Minister of Environment and Energy Stavros Papastavrou stressed the importance of the bill being voted on this week, while underlining that Greece is transforming into a multidimensional energy hub that also includes carbon dioxide transport activities.

Source: ATHENS MECEDONIAN NEWS AGENCY