OSLO (Reuters) - The Norwegian government said on Monday it would finance 16.8 billion Norwegian crowns ($1.83 billion) out of the total investment cost of 25.1 billion crown cost for what could be the world's first full-scale carbon capture and storage project.
Now baptised "Longship" , the project will see the government fund the transport and storage project Northern Lights, a joint project between European oil majors Equinor (OL:EQNR), Shell (L:RDSa) and Total (PA:TOTF).
It would also finance a carbon capture at a cement factory in southern Norway operated by Heidelberg Cement (DE:HEIG) and a waste incineration facility in Oslo operated by Fortum (HE:FORTUM) - if the latter can find external financial support.