Home World Middle East Egypt to store carbon dioxide in cooperation with Italian Eni The project will capture and store between 25,000 and 30,000 tonnes of carbon dioxide per year by Divsha Bhat May 4, 2022 Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, announced a $25m project in the Meleiha field to capture and store carbon dioxide, in collaboration with the Italian company Eni. The project will capture and store between 25,000 and 30,000 tonnes of carbon dioxide per year. The first project, according to the Minister, is focused on the extraction of algae oil for use in biofuel production, with an annual production capacity of 350,000 tonnes and a $600m investment, resulting in a reduction of 1.2 million tonnes of carbon dioxide per year. #Egypt to store carbon dioxide in cooperation with Italian Eni#WamNews https://t.co/KRrFbV20Pm — WAM English (@WAMNEWS_ENG) May 4, 2022 The second project involves the manufacturing of biodegradable plastics with a capacity of 75,000 tonnes and a $600m investment, with the goal of saving 45,000 tonnes of carbon dioxide per year. The third project will transform plastic waste into oil for use as a raw material in polyethylene manufacture, with a 30,000-tonne annual production capacity and $50m in investment, and will save 63,000 tonnes of carbon dioxide annually. Read: UAE’s first waste-to-energy plant to produce 30MW of low-carbon electricity annually Tags Carbon Dioxide Egypt Italy 0 Comments You might also like IMF ties Egypt loan disbursements to currency flexibility UAE’s FDI estimated at $2.5tn by early 2024: UAEIIC secretary-general Egypt’s EFG Holding notches up record revenues Egypt’s credit outlook upgraded to positive by S&P amidst foreign investments