24 June 2011 21:13 [Source: ICIS news]
TORONTO (ICIS)--Shell has secured Canadian dollar (C$) 865m ($874m) in government funding for a planned 1m tonne/year carbon dioxide (CO2) capture and storage (CCS) project in Alberta province, the energy and chemicals major said on Friday.
However, Shell said the project is still subject to regulatory approvals and the outcome of economic feasibility studies. The company expects to make a financial investment decision next year, it added.
Shell did not disclose the project’s overall cost. In 2009, when plans for the project were first disclosed, a Shell official said the project could cost around C$1.35bn.
Shell media officials were not immediately available for additional comment on Friday.
John Abbott, Shell's executive vice president of heavy oil, said in a statement that CCS is one of the most promising technologies to reduce greenhouse gas emissions from fossil fuels.
But in order to realise CCS’ potential, government support is essential, Abbott said.
Shell is also working on plans for CCS projects in
($1 = C$0.99)
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