Business

Essar oil projects in UK government carbon capture scheme

NEW DELHI: UK Government Included Essar Oil The company said in a statement on Monday it said the UK’s low-carbon hydrogen production and carbon capture projects in its archived cluster capture, use and sequencing program carbon.
The UK-focused firm, driven by the Mumbai-based Ruia family, proposes to build two projects at the Ellesmere Port site in Cheshire, the company said.
A separate statement is quoted Essar manager Prashant Ruia as saying that the company will strive to lead in the transition to a cleaner and sustainable path to creating value for stakeholders.
“Let us now resolve to lead the country into the new economy, the same way we did post-liberalization of the old economy. Let’s resolve to invest 1% of the country’s total capital expenditure as we did before. Now is the time to gain more global presence, both in India and Essar,” the statement quoted him as saying at a function marking India’s independent five diamond year.
The Ellesmere hydrogen plant will help Essar meet its goal of producing 3.8GW (gigawatt) of low-carbon hydrogen by the end of the decade – almost 40% of the Government’s recent expansion target of 10GW capacity by 2030.
Part of HyNet, the plant is being built by Vertex Hydrogen and will significantly reduce annual CO2 emissions. The project will also create thousands of new jobs in North West and North Wales.
The installation of industrial carbon capture technology at the company’s Stanlow refinery will enable direct capture of more than 800,000 tonnes of CO2 per year.
The two projects are part of the company’s £1 billion investment in a range of energy efficiency, low-carbon energy and carbon storage initiatives designed to decarbonise manufacturing processes and put Essar at the forefront of the UK’s transition to low-carbon energy.

Source link

news5s

News5s: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button