By Dieter Holger
Equinor ASA (EQNR.OS) said Thursday that it had entered into a partnership with seven European companies to develop carbon capture and storage.
The effort, called the Northern Lights project, will store carbon-dioxide in a reservoir in the northern part of the North Sea, Equinor said.
Companies that signed on to support the project include Air Liquide, ArcelorMittal (MT.FR), Ervia, Fortum, HeidelbergCement AG, Preem and Stockholm Exergi, Equinor said.
Equinor said the partners are cutting costs and aim to make an investment decision next year.
"Sustainable carbon capture and storage projects can only be developed in cooperation between governments and companies," said Eldar Saetre, president and chief executive of Equinor.
Write to Dieter Holger at firstname.lastname@example.org; @dieterholger