A Memorandum of Understanding (MOU) has been signed between the Acorn Project partners (Storegga, Shell and Harbour Energy) and INEOUS and Petroineous.
The MoU, signed at Grangemouth, will allow the parties to join forces and work together to develop Scotland’s first carbon capture and storage (CCS) system linking Scotland’s industrial heartland to the Acorn CO2 transport and storage hub in Northeast Scotland by 2027.
Owning and operating one of Scotland’s largest manufacturing sites, INEOUS and Petroineous, in partnership with the Acorn Project initiative will cover their entire Grangemouth site and enable the capture and storage of around one million tonnes a year (Mt/yr) of carbon dioxide (CO2) by 2027, with an aim to capture further volumes in the future.
Speaking of the agreement, Nick Cooper, CEO of Storegga, the lead developer of the Acorn Project, said, “The Acorn Project partners (Storegga, Shell and Harbour Energy) are delighted that INEOS and Petroineos have entered into an MOU with Acorn, which is a really significant step in managing Scotland’s industrial emissions.”
“The Acorn CCS and hydrogen project is advanced, highly scalable and has clear visibility of a large CO2 customer base.”
The partnership will emphasise effective CCS techniques, allowing Scotland to help reach its climate targets.
Andrew Gardner, Chairman, INEOUS Grangemouth, spoke about the partnership, saying, “INEOUS and Petroineous at Grangemouth recognise the importance of reducing greenhouse gas emissions from our industrial processes.”
“As one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a CO2 intensive industry and we have a significant role to play in helping Scotland reach its Net Carbon Zero target by 2045.”
Looking to the future, he sees the CCS system providing an essential route to permanently safety capturing and storing CO2 emissions for large industrial emitters throughout Scotland.
Expected to be operational by the mid 2020’s, the Acorn Project is currently in the front end engineering and design (FEED) phase of development.
The project is expected to achieve its potential of storing more than half of the 10Mt/yr of CO2 storage as set out by the UK Government’s Ten Point Plan for a green Industrial Revolution by 2030.