- Norway is shutting down the Statoil-operated (STO -1.6%) Mongstad full-scale CO2 capture project, ending the highly touted environmental project whose risks are now seen as too big to continue.
- STO says it hasn't been able to solve the technical challenges with installing a huge, complex capture plant at a refinery and gas heat and power plant in full operation.
- The uncertainty about the project also increased because of the struggling western European refinery business, which has hurt margins at the Mongstad refinery, the government says.
- The carbon capture technology is somewhat similar to the kind new U.S. rules will demand in new coal plants.
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