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LONDON (Reuters) - Japanese trading house Mitsui & Co Ltd said on Wednesday it would invest in the development of a carbon capture and storage (CCS) project in Britain.
The Japanese company will take a 15.4% share in Storegga Geotechnologies which is developing the Acorn CCS project to store carbon dioxide emissions in depleted North Sea oil and gas reservoirs.
CCS traps emissions and buries them underground but is not yet at the commercialisation stage.
The project is being led by a wholly-owned subsidiary of Storegga Geotechnologies, Pale Blue Dot Energy, with support from Macquarie Group with a 21.5% shareholding and Singapore sovereign wealth fund GIC with a 15.4% shareholding.