ADNOC has bought a 10.1% equity stake in Storegga to become a lead investor in the UK-based company that focuses on the development of global carbon capture and storage (CCS) projects.
The transaction represents ADNOC’s first international equity investment in carbon management and supports the company’s strategy to leverage carbon management partnerships and technology to advance global CCS projects that can accelerate decarbonisation.
Alongside new investment from ADNOC – under its $15bn allocation in low-carbon and decarbonisation technologies, as it targets carbon capture capacity of 10Mtpa by 2030 – Storegga received further investment from existing shareholders, including GIC and Macquarie, as it closed its fourth funding round.
... to continue reading you must be subscribed
