Valero, BlackRock Working With Navigator on Carbon Capture and Storage Project
March 16 2021 - 9:42AM
Dow Jones News
By Michael Dabaie
Valero Energy Corp. and BlackRock Global Energy & Power
Infrastructure Fund III said Tuesday they are working with
Navigator Energy Services to develop an industrial scale carbon
capture pipeline system.
The companies said they expect the initial phase to span more
than 1,200 miles of new carbon dioxide gathering and transportation
pipelines across five Midwest states with the capability of
permanently storing up to 5 million metric tons of carbon dioxide a
year.
The system could be expanded to transport and sequester up to 8
million metric tonnes of carbon dioxide per year, the companies
said.
Valero is expected to become an anchor shipper by securing a
majority of the initial available system capacity. Navigator is
expected to lead the construction and operations of the system and
anticipates operations to begin in late 2024.
In the coming months, Navigator will seek additional commitments
to utilize the remaining capacity through a binding open season
process.
Navigator will work with each counterparty to install or connect
the carbon capture equipment to the pipeline at receipt points in
Nebraska, Iowa, South Dakota, Minnesota, and Illinois.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
March 16, 2021 09:27 ET (13:27 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Valero Energy (NYSE:VLO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Valero Energy (NYSE:VLO)
Historical Stock Chart
From Aug 2023 to Aug 2024