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AMSTERDAM – The Dutch government has granted a consortium that includes oil majors Royal Dutch Shell and ExxonMobil around 2 billion euros ($2.4 billion) in subsidies for what is set to become one of the largest carbon capture and storage (CCS) projects in the world, the Port of Rotterdam said on Sunday.
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Shell and Exxon requested the subsidies in January together with industrial gas suppliers Air Liquide and Air Products for a project which aims to capture CO2 emitted by factories and refineries in the Rotterdam port area and store it in empty Dutch gas fields in the North Sea.
The companies involved have been told that their applications will be granted, port spokesman Sjaak Poppe told Reuters, confirming an earlier report by Dutch public broadcaster NOS.
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This clears the most important hurdle for the project, which is set to become operational in 2024 and is expected to reduce emissions in the industrial cluster surrounding Europe's largest sea port by around 10%.
The Dutch government could not be reached for comment on Sunday evening.