Saipem has received approval from Stockholm Exergi to proceed with a large-scale carbon capture project in Sweden. This milestone follows the successful financial closure of the project, valued at about 600 million euros.

The contract is worth approximately 600 million euro and entails the detailed engineering, procurement, construction and commissioning of the carbon capture, CO2 storage, and ship loading systems. These activities follow the positive completion of the early engineering and procurement services executed further to the Letter of Intent announced on 26 July 2023.

Once operational, the plant will capture 800,000 tonnes of biogenic carbon dioxide annually from the biomass-fueled Värtaverket power plant in Stockholm, enabling net removal of CO2 from the atmosphere.

Through this project, Saipem will contribute to the implementation of one of the world’s most important large-scale carbon capture projects, reaffirming its role in facilitating the decarbonization pathway in Europe. Moreover, the contract consolidates Saipem’s positioning in CO2 management thanks to a unique combination of engineering and technological know-how and competencies across the entire CO2 value chain.