SCOTLAND: A report on Friday said that chemicals giant INEOS will work with the Acorn carbon capture and storage project to help develop Scotland's first carbon capture storage system. Chemicals company INEOS said that it will investigate options for emanations from its Grangemouth petrochemicals plant and oil refinery, with Petroineos, its joint endeavor with Petrochina that runs the refinery, also part of the deal.
Andrew Gardner, INEOS Grangemouth Chairman, said that the carbon capture and storage system will give a fundamental course to permanently and safely capture and store CO2 emissions for huge industrial producers all through Scotland.
It is to be mentioned that the Acorn project is being created by Storegga with partners including Shell (LON:RDSa) and Harbour Energy and is trying to store CO2 under the North Sea. INEOS further stated that this month it would purchase shares worth 25 million pounds to turn into a cornerstone investor in clean hydrogen company HydrogenOne Capital Growth when it records on the London Stock Exchange.
According to some scientists, innovation to catch and store carbon dioxide (CO2) emanations will be expected to meet climate goals set by the Paris agreement intended to limit global warming to 1.5 degrees Celsius, yet hardly any huge scope projects exist.
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