INEOS Chemicals Grangemouth, INEOS FPS and Petroineos have signed a Memorandum of Understanding with the Acorn CCS Project to work together on Scotland’s first carbon capture and storage system.
The Acorn project – located in Aberdeenshire, Scotland and currently in its engineering and design phase of development – is one of the UK’s most mature CCS and hydrogen projects. Due to be operational by the mid 2020s, Acorn aims to achieve more than half of the 10Mt/yr of CO2 storage targeted by the government’s ten point ‘green industrial revolution’ plan by 2030.
Announced on 9 July, 2021, the agreement aims to pave the way for a CCS system linking Scotland’s industrial heartland to the Acorn CO2 transport and storage system in North East Scotland by 2027.
INEOS and Petroineos own and operate one of Scotland’s largest manufacturing sites at Grangemouth. Since taking ownership in 2005, CO2 emissions at the site are said to have been reduced by 37 per cent. Once operational, the proposed CCS system is expected to further reduce emissions at the site to more than 50 per cent compared with 2005.
Operation of the system, which will cover the entire Grangemouth site, is targeted for 2027. Investment at the site will enable capture and storage of approximately one million tonnes a year of CO2 by 2027 with scope to capture further beyond this date, the companies said in a statement.
“As one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a CO2 intensive industry and we have a significant role to play in helping Scotland reach its net zero carbon target by 2045,” said Andrew Gardner, chairman of INEOS Grangemouth.
“Once operational, the carbon capture and storage system will provide an essential route to permanently and safely capture and store CO2 emissions for large industrial emitters throughout Scotland with significant positive impact for climate change and the country.”
Nick Cooper, CEO of Storegga, lead developer of the Acorn CCS project added: “The Acorn CCS and hydrogen project is advanced, highly scalable and has clear visibility of a large CO2 customer base. Acorn provides critical carbon reduction infrastructure to the growing Scottish Cluster of emitters and to the wider UK.”