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© Reuters. FILE PHOTO: A 3D printed natural gas pipeline is placed in front of displayed ExxonMobil logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

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(Reuters) – Global energy majors Exxon Mobil (NYSE:) and Shell (LON:) will work with Singapore to develop a cross-border carbon capture and storage (CCS) project, both companies said on Friday.

The Singapore-based units of the two companies, ExxonMobil Asia Pacific Pte. Ltd. and Shell Singapore Pte. Ltd., have formed the S-Hub consortium to work with the Singapore government as lead developers for the CCS project to reduce the country’s carbon dioxide (CO2) emissions.

“S-Hub and the Singapore Economic Development Board (EDB) signed a memorandum of understanding in December 2023 to coordinate the planning and development of a CCS project, capable of capturing and permanently storing at least 2.5 million tons of CO2 a year, by 2030,” they said in a joint statement.

The project will store CO2 emissions from Singapore deep underground or under the seabed. The storage sites will be selected after undergoing analysis to ensure suitability, it added.

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