Norway to spend $1.8 billion on world’s first full-scale CCS chain

OSLO (Reuters) – The Norwegian government said on Monday it would finance 16.8 billion Norwegian crowns ($1.83 billion) out of the total investment cost of 25.1 billion crown cost for what could be the world’s first full-scale carbon capture and storage project.

Now baptised “Longship” , the project will see the government fund the transport and storage project Northern Lights, a joint project between European oil majors Equinor , Shell and Total .

It would also finance a carbon capture at a cement factory in southern Norway operated by Heidelberg Cement and a waste incineration facility in Oslo operated by Fortum – if the latter can find external financial support.

(Reporting by Nora Buli, editing by Gwladys Fouche)