OYGARDEN: Norway is set to inaugurate the gateway to a massive undersea vault for carbon dioxide, a crucial step before opening what its operator calls the first commercial service offering CO2 transport and storage.
The Northern Lights project plans to take CO2 emissions captured at factory smokestacks in Europe and inject them into geological reservoirs under the seabed.
The aim is to prevent the emissions from being released into the atmosphere, and thereby help halt climate change.
On the island of Oygarden, a key milestone will be marked with the inauguration of a terminal built on the shores of the North Sea, its shiny storage tanks rising up against the sky.
It is here that the liquified CO2 will be transported by boat, then injected through a long pipeline into the seabed, at a depth of around 2.6 km, for permanent storage. The facility, a joint venture grouping oil giants Equinor of Norway, Anglo-Dutch Shell and TotalEnergies of France, is expected to bury its first CO2 deliveries in 2025.
It will have an initial capacity of 1.5 million tonnes of CO2 per year, before being ramped up to 5 million tonnes in a second phase if there is enough demand.
“Our first purpose is to demonstrate that the carbon capture and storage chain is feasible,” Northern Lights Managing Director Tim Heijn said.
“It can make a real impact on the CO2 balance and help achieve climate targets,” he said.
CCS technology is complex and costly but has been advocated by the UN’s Intergovernmental Panel on Climate Change and the International Energy Agency, especially for reducing the CO2 footprint of industries like cement and steel, which are difficult to decarbonize.
The world’s overall capture capacity is currently just 50.5 million tonnes, according to the IEA, or barely 0.1 percent of the world’s annual total emissions.
Norway to open world’s 1st CO2 storage service
https://arab.news/jma5r
Norway to open world’s 1st CO2 storage service
Closing Bell: Saudi main market closes the week in red at 10,526
RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.
The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.
Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.
Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).
On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.
Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.
On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.
Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.
Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.
On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.
The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.
Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.
Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.
The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.
