Vopak in initial agreement with Australia's Northern Territory to develop CO2 import terminal

Koninklijke Vopak NV

05/08/2024 08:21

Aug 5 (Reuters) - Vopak  VOPA.AS  has signed an initial
agreement with Australia's Northern Territory government to
develop an infrastructure hub to import, store and handle carbon
dioxide in the area, the Dutch tank storage firm said on Monday.
    The memorandum of understanding (MOU) frames how the
government and Vopak will cooperate to progress the development
of a common-user infrastructure, including a CO2 import terminal
in the Sustainable Development Precinct of Northern Territory's
Middle Arm area, the company said in a statement.
    The Northern Territory government plans to use carbon
capture utilisation and storage (CCUS) to reduce emissions,
accelerate low-emission industry development including hydrogen
production, and transit to net zero by 2050. 
    At least 90% of Middle Arm Precinct emissions would be
captured, compressed and transported to a nearby geological
storage formation for permanent storage, the government said on
its website. 

 (Reporting by Haridas .; Editing by Janane Venkatraman)
 ((Haridas.X@thomsonreuters.com;))