Significant developments from Brussels unlocking the implementation of projects to create a carbon capture and storage market are expected later this month. 

PRINOS

Brussels seems to give the green light to the Greek government's request for approval of the €150 million state aid to Energean for the creation of the first CO2 storage facility in Greece in order to proceed with the financing of the project, as foreseen in the Recovery Fund.  Sources at the company say that this paves the way for the non-binding market test process to run by the end of the year in order to be completed within the year so that binding contracts with industries are signed in 2025 and the final investment decisions are taken. 

IN PENDING

However, they make note that both the approval of the permit for the storage of carbon dioxide in Prinos in the Hellenic Hydrocarbons and Energy Resources Management Company and the submission for public consultation of the Environmental and Social Impact Study that the company has submitted to the competent authorities since last August are still pending. At the same time, the engineering design procedures and the required geological and technical studies are progressing, with the aim of increasing the storage capacity of Prinos from 1 million metric tons of CO2 in the first phase to 3 million metric tons of CO2 in the second phase of the project.  

It is recalled that:

• The project has been included in the 6th list of Projects of Common Interest (PCI)
• 10 MoUs have been signed with interested emitters from Greece and
  neighbouring countries

Another CO2 storage project has already been launched in the Mediterranean, in Ravenna, Italy. Together with the storage facility in Prinos, the total capacity will cover less than 10% of the emissions from the two countries' industries, which amount to 75 million tonnes in total. In the context of high demand, alongside the project in Prinos, Energean is already in the process of looking for new corresponding opportunities to carbonize the industry in Greece and the wider region. It recently signed an MoU with Schlumberger, one of the world's largest technical services companies in the energy sector, for the prospect of creating a value chain for CO2 capture, transport, storage and utilisation (CCUS) in Egypt. In fact, the Prinus project is a benchmark in Egypt for Shell, which has signed with Energean MoU for cooperation in the carbonisation of the large Idku liquefied natural gas (LNG) terminal in that country.

DESFA 

In the next 2-3 weeks, sources at the operator say, DESFA is also expecting the green light from the Innovation Fund to finance a liquefied carbon dioxide (CO2) transmission network from DESFA. The project envisages the interconnection of industries in Attica, so that CO2 emissions will be transported by pipeline to a liquefaction plant in Revithoussa and from there by ship to Prinos. It is recalled that Motor Oil, Titan and Heracles have already secured funding through the same fund for capture projects totalling more than 3.5 million tonnes per year, while Helleniq Energy has also applied for 1 million tonnes per year.