Vopak in initial agreement with Australia's Northern Territory to develop CO2 import terminal
Aug 5 (Reuters) -Vopak VOPA.AS has signed an initial agreement with Australia's Northern Territory government to develop an infrastructure hub to import, store and handle carbon dioxide in the area, the Dutch tank storage firm said on Monday.
The memorandum of understanding (MOU) frames how the government and Vopak will cooperate to progress the development of a common-user infrastructure, including a CO2 import terminal in the Sustainable Development Precinct of Northern Territory's Middle Arm area, the company said in a statement.
The Northern Territory government plans to use carbon capture utilisation and storage (CCUS) to reduce emissions, accelerate low-emission industry development including hydrogen production, and transit to net zero by 2050.
At least 90% of Middle Arm Precinct emissions would be captured, compressed and transported to a nearby geological storage formation for permanent storage, the government said on its website.
Reporting by Haridas .; Editing by Janane Venkatraman
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