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ArcelorMittal, the world’s leading steel and mining company, has signed a memorandum of understanding with international energy firm Equinor to develop value chains in carbon capture and storage. Equinor is a partner in the Northern Lights project, together with partners Shell and Total, which includes transport, reception and permanent storage of CO2 in a reservoir in the northern part of the North Sea.
The Lakshmi Mittal led ArcelorMittal committed to the project with Equinor at a ceremony in Oslo, where the European Commission was hosting a High-Level Conference on Carbon Capture and Storage (CCS) together with the Norwegian Ministry of Petroleum and Energy. Memorandums of understanding have been signed between Equinor and ArcelorMittal, as well as Air Liquide, Ervia, Fortum Oyj, HeidelbergCement AG, Preem, and Stockholm Exergi.
As part of the project, ArcelorMittal – which has an ambition to be carbon neutral by 2050 within Europe – has committed to a number of joint activities including the development of logistics, exploring potential commercial models, and advocating on the topic of carbon capture and use (CCU) and CCS, as an important part of the successful decarbonisation of European industry. The company’s primary role will be the capture of CO2 gas from its blast furnaces.
At the end of 2019, the partnership plans to drill a wildcat well for CO2 storage in the Johanson formation covered by the Aurora licence (EL001) to study the reservoir’s suitability and capacity for CO2 storage.
Final commercial agreements will depend on positive investment decisions for the Northern Lights project, the Norwegian State’s full-scale carbon capture and storage project and for third-party projects, with possible investment decisions to be made in 2020.
About ArcelorMittal
ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 countries. Guided by a philosophy to produce safe, sustainable steel, the compnay is a leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Through its core values of sustainability, quality and leadership, the company aims to operating responsibly with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operate. ArcelorMittal is one of the world’s five largest producers of iron ore and metallurgical coal. With a geographically diversified portfolio of iron ore and coal assets, the company is strategically positioned to serve its network of steel plants and the external global market.
In 2018, ArcelorMittal had revenues of $76.0 billion and crude steel production of 92.5 million metric tonnes, while own iron ore production reached 58.5 million metric tonnes. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).