With the extension of the environmental licensing, the maturation process of the “Prinos CO2”, the underground carbon dioxide storage facility, continues, with EnEarth, a subsidiary of Energean, as the implementing body.
In particular, the “Environmental Conditions Approval Decision” for the first phase of the project’s development has been issued, with an initial nominal capacity of up to 1 million tons of CO2 per year for 20 years.
The project foresees the expansion of capacity to a maximum of 3 million tons per year, which will be done with the second phase of development.
The pending issues
On this basis and given the increased needs of emitters (those that emit CO2) in Greece, the company, as reported by competent sources, is immediately starting the environmental licensing for the second phase. The goal is for the completion of the project to coincide with the development of the rest of the supply chain, distinguishing the CO2 capture units that are being built in the emitters’ factories, which is expected to happen based on the current schedules.
The institutional framework
The most critical, however, “pending” issue concerns the establishment of the legislative framework that will determine the “rules of the game”, as this will trigger the implementation of a “market test”, in order to attract the market interest in the exploitation of the infrastructure. It is recalled that Energean has signed 15 non-binding memoranda of understanding for 6.1 million tons of CO2 per year with high-emission industries, including the cement and refinery sectors in Greece and the wider region.
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