Climate Change

Greek industries can save EUR 6 billion through CO2 capture, storage

co2

photo: catazul from Pixabay

Published

April 25, 2023

Country

Comments

comments icon

1

Share

Published:

April 25, 2023

Country:

Comments:

comments icon

1

Share

Carbon capture and storage or CCS has the potential to cut emissions costs for Greek companies by EUR 6 billion, according to a new study by the Hellenic Hydrocarbons and Energy Resources Management Co. (HEREMA) and KPMG.

During a special event, the management of HEREMA, or EDEYEP in Greek, noted that oil company Energean intends to create an underground storage site in the depleted hydrocarbons reserve of Prinos offshore Kavala which can hold 60 million tonnes of carbon dioxide. At a price of EUR 100 per ton of CO2 within the European Union’s Emissions Trading System – EU ETS, the sum lands at EUR 6 billion.

HEREMA: Industries can become more competitive

The project is included in the National Recovery and Resilience Plan Greece 2.0 for EUR 100 million in funding from the European Commission. According to HEREMA’s Chief Executive Officer Aristotelis Stefatos, big industries have already expressed interest in participating in the project, since they expect to become more competitive by reducing their carbon footprint.

HEREMA plans to study other potential sites for CO2 storage in Greece, such as in Grevena, Magnesia and in western part of Thessaloniki. It should be noted that annual CO2 emissions by large industries in Greece, such as refineries, cement producers, electricity and metal groups are estimated at 30 million tonnes.

How the process works

CO2 capture takes place in industrial installations, allowing them to avoid a part of their greenhouse gas emissions and send them to storage instead. It is a relatively recent technology, which is expected to mature and lower costs. According to the plan, a network of pipelines will transfer CO2 from the industries to the storage site.

The EU provides easy access to capital for such investments and factories can take advantage of it to improve their carbon footprint and become more competitive. With investments, companies will then need to buy fewer CO2 emissions rights (EUAs) required by EU regulations and save money.

The new framework by HEREMA will provide incentives for oil companies to use depleted underground deposits as CO2 storage space. At the same time, they have the right to sell their existing oil and gas licenses to companies interested in CO2 storage. Of note, several oil companies are not expected to carry on with their hydrocarbon exploration in various concessions in Greece. CO2 storage gives them the opportunity to capitalize on their progress so far.

Comments (1)
Khaled Zorba / October 31, 2024

We are PDP Hellas in the process of building a methanol synthesis facility to produce green methanol. We are looking for a reliable source to supply our potential plant with green CO2 as feedstock for our process. We require 40,000 MT CO2/year. Could you please inform us if it will be possible to sign an MOU with your esteemed company for purchasing CO2? Additionally, could you inform us about the time frame when the CO2 will be available in the market?

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

world dnv energy transition energy transition outlook 2025

Policy changes in US will have marginal impact on global energy transition

09 October 2025 - AI energy use may seem alarming, but it is projected to stay below EV charging and the cooling of buildings, DNV calculated

slovenia climate change fund sustainable mobility

Slovenia allocates EUR 375 million for sustainable mobility

03 October 2025 - Slovenia has allocated EUR 835 million from the Climate Fund for climate change mitigation and adaptation

Europe’s Environment 2025 report

Europe’s Environment 2025 report: Not good

30 September 2025 - ​Europe’s Environment 2025 is the most comprehensive analysis on the current state and outlook for the continent’s environment, climate, and sustainability, building on data from across 38 countries, according to the European Environment Agency

EU opens energy environment cluster accession talks Albania

EU opens energy, environment cluster in accession talks with Albania

17 September 2025 - Albania started negotiations with the European Union on the so-called cluster 4, encompassing the green agenda and sustainable connectivity