Under a NOK 360m ($43.7m) investment, the Norwegian Government will move forward with plans for a full-scale carbon capture and storage (CCS) demonstration facility in the Scandinavian country.
It is understood that if all three parties involved in the project – Yara, Norcem and Klemestrud – were to reach a final investment decision successfully, the project would reduce Norway’s overall CO2 emissions by 5%.
The proposal also includes plans to continue operations at the world’s largest and most advanced facility for testing and improving CCS, Technology Centre Mongstad (TCM).
The current agreement between the State, Statoil, Shell and Sasol – the partnership that regulates ownership and operations of the site – expires in August 2017. The parties aim to reach an agreement by the end of this year.
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