Egypt and Italy's Eni Begin a $25M Carbon Capture and Storage Project
The project with an investment of $25M will capture and store between 25,000 and 30,000 tonnes of CO2 annually, said Tarek El Molla, Egypt’s Minister of Petroleum and Resources in a press release. The completion date has not been revealed.
The project announcement comes as the North African country prepares to host the UN’s COP27 climate change conference in November this year.
The Arab region’s most populous country accounts for 0.6 of emissions globally, according to an article by the National.
The first carbon capture and storage project will focus on algae oil extraction for biofuel production, the minister said. It will produce 350,000 tonnes annually for an investment of $50m. It aims to reduce 1.2 million tonnes of CO2 annually.
The second project will generate biodegradable plastic with a capacity of 75,000 tonnes with a $600m, with a view to reduce 45,000 tonnes of CO2 per year.
The third project will convert plastic waste into oil to use in polyethylene production, with an annual output of 30,000 tonnes at an investment of $50m. It is expected to reduce 63,000 tonnes of carbon dioxide per year.
Egypt is also planning on including green hydrogen in its energy mix and will announce a green hydrogen strategy by October.