INEOS and Royal Wagenborg have signed a multi-year agreement to supply a purpose-built carbon dioxide (CO2) carrier dedicated to Project Greensand, which aims to advance carbon capture and storage (CCS) within the European Union.
Under the new partnership, Royal Wagenborg will provide a dedicated CO2 carrier designed specifically for the project, which INEOS leads alongside partners Harbour Energy and Nordsøfonden.
The carrier is set to play a key role in enabling the large-scale transport of CO2 from various capture points to the Greensand storage site in the Danish North Sea.
Last year Project Greensand achieved a world first in the CCS sector by demonstrating the secure, cross-border transport of CO2 for injection into a depleted oil field.
This was marked in March 2023 when HM King Frederik of Denmark authorised the first injection of CO2 into Danish subsoil.
Developed by Royal Wagenborg and Royal Niestern Sander, the EasyMax series of CO2 carrier comprises multipurpose vessels with a cargo capacity exceeding 14,000 tonnes and a hold volume of over 625,000 cubic feet.
“The lack of dedicated CO2 carriers has been a bottleneck for advancing CCS projects within Europe,” said David Bucknall, CEO of INEOS Energy. “The collaboration between INEOS and Royal Wagenborg serves as a breakthrough moment for the EU’s climate goals, offering a viable solution for large-scale CO2 transport.
“The agreement highlights the commitment of INEOS, Royal Wagenborg, and the governments of the Netherlands and Denmark to achieving a sustainable and low-carbon future.”
According to Mads Weng Gade, Head of INEOS Energy DK, the agreement signifies “a very important step towards the establishment of the full value chain of CCS on an industrial scale.”
He added, “INEOS has been at the leading edge of demonstrating safe and efficient storage in the pilot phase of Project Greensand, and we have the ambition to establish the first CO2 storage within the EU in Greensand by 2026.”
Scaling up CCS transport
Carbon capture and storage (CCS) infrastructure is expanding rapidly across Europe, with multiple projects aiming to mitigate carbon emissions and support EU climate goals.
Northern Lights, a joint venture by Equinor, Shell, and TotalEnergies, aims to store up to 1.5 million tonnes of CO2 annually in the North Sea by 2024, with plans to scale up to five million tonnes. The total cost of Northern Lights Phase 1 is estimated at €650 million ($690m).
Europe’s CCS targets are ambitious; the EU has set a goal of capturing and storing 50 million tonnes of CO2 annually by 2030.
The demand for CO2 carriers is expected to surge as carbon capture and storage (CCS) initiatives ramp up to meet European climate targets.
According to recent research by Rystad Energy, at least 55 dedicated CO2 carriers will be needed by 2030 to support the EU’s carbon reduction ambitions. This need is driven by the increasing number of CCS projects across Europe aiming to capture, transport, and store millions of tonnes of CO2 annually.
“Carbon dioxide shipping is a nascent market now, but it is set to play a significant role in the global climate solution in the coming years,” said Rystad Energy vice president supply chain research Lein Mann Bergsmark.
He added, “However, questions remain about the environmental impact of the process. In an ideal world, CO2 tankers would use renewable fuels with no associated emissions. However, these fuels are too expensive now to be economically viable.”
