INEOS Taps Dutch Shipper to Build CO2 Carrier

INEOS Group has signed an agreement with Dutch shipping operator Royal Wagenborg for the construction of a vessel to transport carbon dioxide (CO2).

“The agreement with Royal Wagenborg marks the first deployment of a dedicated CO2 vessel for Project Greensand, a crucial component in establishing a full CO2 capture, transport, and storage value chain”, the diversified group said in an online statement. “This purpose-built CO2 carrier, designed to meet the highest standards of safety and efficiency, will facilitate large-scale transport of CO2 to the Greensand storage site in the Danish North Sea”.

Project Greensand is the first of its kind in the world to demonstrate that captured CO2 can be transported cross-border and stored offshore, according to London-based INEOS. INEOS and its Project Greensand partners — Harbour Energy PLC and Danish national oil and gas company Nordsøfonden — expect to start operation at the end of 2025 or early 2026.

The ship will use the EasyMax design. “The EasyMax concept – developed by Royal Wagenborg and Royal Niestern Sander – has proven to be successful in terms of safe, reliable and efficient ocean transportation”, Royal Wagenborg said separately. INEOS’ carrier will be built by Dutch shipyard Royal Niestern Sander.

Royal Wagenborg chief executive Egbert Vuursteen said, “Through INEOS and Wagenborg's agreement, we're not just advancing an industry – we're charting a course toward a future where Dutch maritime expertise leads the way”.

“The lack of dedicated CO2 carriers has been a bottleneck for advancing CCS projects within Europe”, said INEOS Energy chief executive David Bucknall. “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”.

Mads Weng Gade, head of INEOS Energy DK, said, “INEOS has been in 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”.

“The agreement between Royal Wagenborg and INEOS is a very important step towards the establishment of the full value chain of CCS on an industrial scale”, Gade added.

Dutch king Willem-Alexander and Danish counterpart Frederik witnessed the signing ceremony.

On March 8, 2023, Project Greensand had its demonstration, injecting CO2 transported from Belgium into the INEOS-operated Nini field on Denmark’s side of the North Sea. “This is a big moment for Europe’s green transition, and for our cleantech industry”, European Commission President Ursula von der Leyen said at the time. “The first ever full value chain, for carbon capture and storage in Europe — you are showing that it can be done”.

INEOS, the 40 percent owner, has applied for a license for the storage facility, which would be Denmark’s first. The other owners are London-based Harbour Energy with a 40 percent stake and Nordsøfonden, which holds the remaining 20 percent.

Project Greensand aims to store 400,000 tonnes of CO2 a year, ramping up to as much as eight million tonnes annually by 2030.

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