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Equinor signs preliminary agreements with 7 firms on CO2 storage in Norway

Equinor ASA, on behalf of the Northern Lights carbon capture and storage project, has signed memoranda of understanding with seven companies to develop value chains for the venture, according to a Sept. 5 release.

The memoranda were signed with Air Liquide SA, ArcelorMittal, Ervia, Fortum Oyj, HeidelbergCement AG, Preem AB (publ) and Stockholm Exergi AB. Under the agreement, the parties will cooperate on possibly handling carbon dioxide at third-party sites and transporting it to the Northern Lights project.

The Northern Lights project includes transporting, receiving and permanently storing carbon dioxide in a reservoir in the northern part of the Norwegian North Sea. It is part of a demonstration by the Norwegian government on a full-scale CO2 handling chain in the country. Project partners include Equinor and oil majors Royal Dutch Shell PLC and Total SA, which are aiming for an investment decision in 2020.

Preliminary estimates from 2016 showed that it may cost between 7.2 billion Norwegian kroner and 12.6 billion kroner to establish a full carbon capture and storage chain, according to a Sept. 5 Reuters report. The report said Norway has spent 825 million kroner so far to develop the project.

As of Sept. 5, US$1 was equivalent to 8.99 Norwegian kroner.