“Adnoc” acquires a 10.1% stake in “Storja”.

ADNOC has announced its acquisition of a 10.1% stake in “Storja,” making it a principal investor in the company, which is based in the United Kingdom and focuses on developing global carbon capture and storage projects.

This deal represents Adnoc’s first international investment in carbon management companies and supports its strategy of leveraging partnerships in carbon management and technology to accelerate emission reduction efforts. This move is based on the AED 55 billion (USD 15 billion) that Adnoc has allocated initially to invest in low-carbon solutions and emission reduction technologies. Adnoc aims to enhance its carbon capture capacity to reach 10 million tons annually by 2030, equivalent to removing over two million internal combustion engine vehicles from the road.

According to Masbah Al Kaabi, the Executive Director of Adnoc’s Low Carbon Solutions and International Growth, this strategic investment represents an important step that enhances Adnoc’s efforts in reducing emissions and reaffirms our ongoing commitment to working with our partners across various sectors to provide effective and practical solutions to enable us to achieve climate neutrality in the energy sector in the future. Carbon capture technologies are crucial in responsibly reducing carbon emissions and achieving global climate action goals, and we will continue to leverage these technologies and expand their application to achieve climate neutrality by 2045.
The strategy of “ADNOC” for carbon management aligns with the vision of the “international governmental body concerned with climate change,” which emphasizes the importance of carbon capture and storage technologies as a key facilitator in achieving global climate neutrality by the middle of this century.

Practical transmission

According to Nick Cooper, the CEO of “Storija”, strategic cooperation is of utmost importance in achieving a practical, rapid, and cost-effective transition to a low-carbon future. Therefore, we are ready to support traditional energy suppliers in accelerating efforts to reduce emissions by employing globally effective techniques for carbon capture and storage.
“We have succeeded over the past three years in transitioning from being just a single project developer in Scotland to an international force leading global efforts to reduce emissions. We are pleased to have “ADNOC” now join our group of stakeholders, as “Storja” benefits from investors who have the necessary vision and ambition to enhance the rapid dissemination of carbon removal technologies, which are now considered essential for achieving global climate neutrality goals.”

Portfolio

The company “Storija” owns a portfolio of carbon capture projects spread across the United Kingdom, the United States, and Norway. In the United Kingdom, they are developing the “Acorn” project for carbon capture and storage, which is expected to store up to 10 million tons of carbon dioxide annually by 2030. Recently, the company and its partners obtained a license to develop the “Trudavang” project for carbon capture and storage in Norway. They are also developing several opportunities for carbon capture and storage in the United States, with the most advanced project being “Harvest Bend” in Louisiana.

Leadership

It is mentioned that ADNOC operates “Al Reyada,” the first commercially operating facility in the world for capturing and storing carbon from the steel industry, capable of capturing up to 800,000 tons of carbon dioxide annually. The company also announced one of the largest carbon capture projects, contributing to increasing the capacity of carbon capture projects that ADNOC has committed to investing in to around 4 million tons annually. ADNOC is also one of the first 50 companies to sign the “Carbon Removal from Oil and Gas” charter, a global commitment to accelerate climate action in the energy sector, announced recently during the COP28 conference in Dubai, United Arab Emirates.