Eni Secures £500M for Liverpool Bay CCS Project in UK HyNet Cluster
Eni has obtained a £500 million financing facility for the Liverpool Bay Carbon Capture and Storage project, crucial for the HyNet North West industrial decarbonization cluster. The project aims to store up to 10 million tonnes of CO2 annually by 2030, with significant implications for the UK's net-zero targets and economic growth.
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Eni's Liverpool Bay Carbon Capture and Storage (CCS) project has reached financial closure, securing over £500 million in funding to support its development, which includes the construction of a CO2 compression station and a pipeline system. The project targets an initial storage capacity of 4.5 million tonnes of CO2 per year, aiming to increase to 10 million tonnes post-2030.
Major contractors such as Saipem and United Living Energy are involved in the engineering and construction phases, with anticipated completion by 2028. The project is expected to create approximately 2,000 jobs during the construction phase and leverage local resources. The UK government has committed to substantial funding to support CCS initiatives, aiming to store up to 30 million tonnes of CO2 by 2030, marking significant strides towards achieving net-zero emissions.
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