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By Park Jae-hyuk
An international consortium comprised of POSCO International, Spain's Repsol, America's Carbonvert and Japan's Mitsui E&P was selected as the preferred bidder for the Texas state government's carbon capture and storage (CCS) project, according to the Korean trading and energy firm, Wednesday.
The project is intended to capture and store over 600 million tons of carbon over the next few decades off the coast of Corpus Christi in southern Texas.
Compared to a CCS business on land, the forthcoming project is expected to avoid disputes over installing pipelines underneath privately-owned land, as it will be done on government-owned sea areas. In addition, the project's participants can receive subsidies for their CCS business, in accordance with the U.S. Inflation Reduction Act.
Once Texas and the consortium make the final agreement for the project, POSCO International will be the first Korean firm to participate in the construction of CCS facilities in waters just off the U.S.
"The upcoming project will be the foothold for us to pursue both global carbon reduction and sustainable growth," said POSCO International, which holds a 10 percent stake in the consortium. "With this project, we will contribute to the continued expansion toward eco-friendly portfolios and the achievement of POSCO Group's 2050 carbon neutrality goal."
The company will also set up POSCO International CCS USA this month and will push ahead with additional CCS businesses to contribute to global carbon neutrality.
Since POSCO International merged with POSCO Energy earlier this year, it has regarded the CCS business as a bridgehead for the group's carbon neutrality goals and a new growth engine. Because CCS at sea is a reversal of the extracting of natural gas from under the sea, POSCO International expects its decades of operations in gas fields worldwide to be helpful to the new business.
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