Norway plans $750 mln carbon technology centre


The Mongstad Refinery.

The Mongstad Refinery. Photo: Statoil

OSLO, Jan 30 (Reuters) – The Norwegian government proposed on Friday to spend $750 million to build a centre for development of carbon capture and storage (CCS) technology at oil and gas group StatoilHydro’s (STL.OL) Mongstad refinery.

Policymakers and industry have big hopes for CCS, which involves burying carbon dioxide (CO2) underground or below the seabed, as a means of fighting climate change.

The government estimated investment costs of the new centre at 5.2 billion Norwegian crowns ($750.2 million) and said it aimed to make Norway a pioneer in the field of CCS.

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