INEOS and Royal Wagenborg Forge Landmark CO2 Carrier Deal to Boost CCS Efforts in EU

INEOS and Royal Wagenborg have formalized a major agreement in the presence of HM King Willem-Alexander of the Netherlands and HM King Frederik of Denmark, marking a pivotal moment for carbon capture and storage (CCS) in Europe. This multi-year partnership will see Royal Wagenborg deliver a specially constructed CO2 carrier to support Project Greensand, led by INEOS alongside its partners Harbour Energy and Nordsøfonden. The agreement is a significant advancement in CCS efforts within the European Union.

Project Greensand has already achieved a world-first milestone with the safe, cross-border transportation of CO2 for injection into a depleted oil field. In March 2023, HM King Frederik of Denmark authorized the first-ever CO2 injection into Danish subsoil in the North Sea, further solidifying the region's commitment to climate action. With this new agreement, Royal Wagenborg will provide a dedicated CO2 carrier for Project Greensand, helping to establish a full CO2 capture, transport, and storage system. This purpose-built vessel will be critical to the large-scale transportation of CO2 to the Greensand storage site, located in the Danish North Sea.

David Bucknall, CEO of INEOS Energy, highlighted the significance of the agreement, stating that the absence of dedicated CO2 carriers had been a key barrier to advancing CCS projects across Europe. The collaboration with Royal Wagenborg represents a breakthrough in addressing this issue, offering a scalable solution to the transportation of CO2 and supporting the EU’s broader climate goals. Bucknall also emphasized the commitment of INEOS, Royal Wagenborg, and the governments of the Netherlands and Denmark to a sustainable, low-carbon future.

Mads Weng Gade, Head of INEOS Energy DK, stressed INEOS’ leadership in demonstrating safe and efficient CO2 storage during the pilot phase of Project Greensand. The company has set its sights on establishing the first EU CO2 storage facility at Greensand by 2026. The partnership with Royal Wagenborg plays a crucial role in building out the full CCS value chain, marking a significant step toward realizing industrial-scale CO2 storage and further advancing climate goals across Europe.

This collaboration between INEOS and Royal Wagenborg is an important achievement in the drive to reduce carbon emissions and accelerate the EU’s transition to a greener, more sustainable energy system. The agreement not only paves the way for advancing Project Greensand but also signals the growing momentum for CCS technologies in the region. By addressing the critical challenge of CO2 transport, INEOS and Royal Wagenborg are helping to unlock the potential of CCS as a key tool in the fight against climate change.