BAKU, Azerbaijan, January 25. Snam's investment plan in Carbon Capture and Storage (CCS) in 2023-2027 amounted to 350 million euros, Trend reports.
According to the company's updated plan, these investments will be used for utilizing one of the most effective technologies for meeting short and medium-term decarbonization goals. The plan involves developing infrastructure for the transport and storage of CO2.
Furthermore, in December 2022, Snam agreed with Eni to initiate Italy's first CCS project. The initial phase, set to commence in the coming months, will focus on capturing CO2 from the Eni Casalborsetti plant near Ravenna and injecting it into a depleted gas field in the Adriatic Sea.
As phase 2 unfolds, open to industrial emitters, the Ravenna CCS project is poised to become the Mediterranean's most significant, boasting a potential total capacity of 500 million metric tons.
Recognized in the recent PCI (projects of common interest) list published by the European Commission, the Ravenna CCS project is anticipated to play a pivotal role in decarbonizing a substantial portion of Italy's hard-to-abate industries by 2030.
Meanwhile, total Snam's investment volume in the energy transition businesses in 2023-207 is set to reach 1.2 billion euros.