KUALA LUMPUR, Feb 19 (Bernama) -- Yinson Holdings Bhd’s offshore business arm, Yinson Production, has completed the acquisition of 100 per cent shares in Norway-based Stella Maris CCS AS from Altera Infrastructure.
In a statement today, Yinson Production said Stella Maris is a carbon capture and storage (CCS) company developing a full CCS value chain, including carbon capture, intermediate storage, offshore transportation, and permanent carbon dioxide sequestration from industrial sources.
Stella Maris holds a 40 per cent stake in the Havstjerne Reservoir on the Norwegian Continental Shelf.
Developed in partnership with Harbour Energy, the Havstjerne carbon dioxide injection and storage project is a cornerstone of Stella Maris’ activities, with its technical feasibility validated by extensive seismic data and reservoir studies.
Yinson Production said the European Union’s Innovation Fund has selected the Havstjerne carbon dioxide injection and storage project for a grant of up to 225 million euros (1 euro = RM4.65), payable against expenditures upon certain investment and commercial operation milestones.
“This represents the largest European Union grant for a CCS project and underscores the significance of the initiative in advancing Europe’s decarbonisation efforts,” it said
Yinson Production said the acquisition of Stella Maris expands its presence in the emerging low carbon market and marks a significant milestone in decarbonisation strategy and commitment to supporting the global energy transition.
Its chief technical officer, Lars Gunnar Vogt, said the successful acquisition reinforces Yinson Production’s commitment to driving innovation and sustainability within the energy sector and our role in shaping Europe’s decarbonisation efforts.
“The acquisition of Stella Maris is a logical step in expanding our portfolio of strategic investments within the carbon capture space, and we are excited to integrate these solutions to help industrial emitters achieve their decarbonisation targets,” he added.
--BERNAMA
