In light of a generally improved market situation, a leading industry expert emphasised the need to diversify sources within the CO2 industry by taking advantage of new opportunities presented by biogas and carbon capture and utilisation (CCU).
Speaking at gasworld’s CO2 in 2024: What’s next for the business in 2024’ webinar today (March 15), Colin Trundley, LCO2 & Helium, Supply Chain Director at Nippon Gases, said, “The industry knows that we need to diversify our sourcing to become less dependent upon and in time move away from fossil fuels.”
Trundley emphasised the dependence of the European market on ammonia and SMR for CO2. However, he added that the situation in the industry is “much improved” compared with 2022 and 2023.
“The merchant CO2 market is still more than 50% dependent on fossil-based sources, primarily ammonia. The reduction in the natural gas price has resulted in a return of positive margins for most ammonia producers.”
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