Greek shipowner Peter Livanos is backing a new player in the carbon capture, utilisation and storage (CCUS) arena, EcoLog, that plans to become a leading global midstream business with a virtual pipeline of 60 ships, along with associated import and export terminals, to transport 50m tons of CO2 a year by 2035.
Specifically, the new enterprise is part of Ceres Shipping, whose interests span the liquified natural gas and dry bulk transportation sectors through GasLog and DryLog, respectively. “We believe EcoLog will help accelerate the urgently required adoption of CCUS by offering midstream services at scale and at speed,” Ceres Shipping said.
According to EcoLog, its ships will be on a scale ranging from 20,000 cu m at the smaller end for regional trades and 85,000 cu m in cargo carrying capacity for longer distance trades, and each will transport over 1m tons of CO2 per year between its import and export terminals. “The ships and terminals will operate at 8 bar pressure to ensure efficient and safe transportation of large volumes of CO2. All the technologies to be deployed within this network have been established for many years, simply reconfigured for scale and product,” the company added.
Jasper Heikens, the chief commercial officer of EcoLog, commented: “EcoLog is an exciting and timely venture ready to create low cost, large scale and at speed solutions for emitters to transport and permanently store CO2 emissions. The global challenge to sequester 7.6 gigatons of CO2 by 2050 to stay within 1.5-degree global warming (IEA figures) is clear and we are putting in place the infrastructure to make that happen.”