12-11-2024

INEOS and Royal Wagenborg sign landmark agreement on the delivery of CO2 transportation

Today, in the presence of HM King Willem-Alexander of the Netherlands and HM King Frederik of Denmark INEOS and Royal Wagenborg have signed a landmark agreement on the delivery of CO2 transportation.

This multi-year agreement, a significant step towards advancing carbon capture and storage (CCS) within the European Union, will see Royal Wagenborg supply a newly built CO₂ carrier dedicated to Project Greensand, led by INEOS with its partners Harbour Energy and Nordsøfonden.

Project Greensand has already marked a world-first achievement by demonstrating the safe, cross-border transport of CO₂ for injection into a depleted oil field. In March 2023, in a historic demonstration of climate action, HM King Frederik of Denmark authorized the first injection of CO₂ into Danish subsoil in the North Sea, marking a crucial advancement for sustainable carbon management in the region.

The agreement with Royal Wagenborg marks the first deployment of a dedicated CO₂ vessel for Project Greensand, a crucial component in establishing a full CO₂ capture, transport, and storage value chain. This purpose-built CO₂ carrier, designed to meet the highest standards of safety and efficiency, will facilitate large-scale transport of CO₂ to the Greensand storage site in the Danish North Sea.

David Bucknall, CEO INEOS Energy said: “The lack of dedicated CO₂ carriers has been a bottleneck for advancing CCS projects within Europe. The collaboration between INEOS and Royal Wagenborg serves as a breakthrough moment for the EU’s climate goals, offering a viable solution for large-scale CO₂transport. The agreement highlights the commitment of INEOS, Royal Wagenborg, and the governments of the Netherlands and Denmark to achieving a sustainable and low-carbon future.”

Mads Weng Gade, Head of INEOS Energy DK said: “INEOS has been in the leading edge of demonstrating safe and efficient storage in the pilot phase of Project Greensand, and we have the ambition to establish the first CO₂ storage within the EU in Greensand by 2026. The agreement between Royal Wagenborg and INEOS is a very important step towards the establishment of the full value chain of CCS on an industrial scale.”