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    BAS   DE000BASF111

BASF SE

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Wintershall Dea expands carbon capture and storage in Denmark

12/01/2022 | 09:17am EST
FILE PHOTO: Pump jacks on an oil field in Emlichheim

FRANKFURT (Reuters) - German oil and gas producer Wintershall Dea said on Thursday it was teaming up with other companies to expand carbon capture and storage activities around a hub near Hirtshals on Denmark's northern North Sea coast.

The hub will be linked to the Danish Greensand CCS project, in which Wintershall Dea is a key player. The company is aiming to safeguard gas usage - even as countries look to cut emissions - by collecting and storing the carbon dioxide it releases rather than allowing it to enter the atmosphere.

"(Wintershall Dea) has joined other companies in signing an agreement to jointly pursue and develop the Greenport Scandinavia project," it said in a press release, without naming the other companies.

"By participating in Greenport Scandinavia, we are showing that we are driving decarbonisation forward," it said, adding it had signed a memorandum of understanding (MoU) and was applying for relevant CCS licences.

Greenport Scandinavia will serve as a collection point for some 1.5 million tonnes of CO2 generated from biogas in the region and from countries on the Baltic Sea, from where it will be shipped to Greensand for storage in depleted oil fields.

Financial details were not disclosed.

First injections of CO2 test volumes at Greensand are planned for the beginning of 2023, with view to reaching 4-5 million tonnes of CO2 storage annually from 2030, Wintershall Dea said.

The firm has long-term plans to build up a business capturing 20-30 million tonnes of CO2 per annum by 2040, including deals with Norway, where sector peer E.ON has also forged some ties.

Some environmentalists says CCS technology serves to prolong the age of burning carbon for energy and a more decisive shift to renewables is needed.

(Reporting by Vera Eckert; Editing by Mark Potter)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BASF SE -0.87% 53.55 Delayed Quote.16.49%
BRENT OIL 0.70% 80.48 Delayed Quote.-7.24%
E.ON SE -0.82% 9.96 Delayed Quote.7.56%
WTI 0.07% 73.735 Delayed Quote.-8.79%
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Sales 2022 88 260 M 95 778 M 95 778 M
Net income 2022 -1 400 M -1 519 M -1 519 M
Net Debt 2022 16 720 M 18 145 M 18 145 M
P/E ratio 2022 -35,1x
Yield 2022 6,31%
Capitalization 48 307 M 52 422 M 52 422 M
EV / Sales 2022 0,74x
EV / Sales 2023 0,79x
Nbr of Employees 111 768
Free-Float 100%
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Last Close Price 54,04 €
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Martin BrudermŘller Chairman-Executive Board
Hans-Ulrich Engel Chief Financial Officer
Kurt Wilhelm Bock Chairman-Supervisory Board
Melanie Maas-Brunner Chief Technology Officer
Alison Jane Carnwath Independent Member-Supervisory Board
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