Petrofac buys CO2 storage company

27th Apr 2010 13:26

Petrofac, the oil and gas facilities service provider, has acquired Scottish CO2 storage company CO2DeepStore Limited.CO2DeepStore is based in Aberdeen and is focused on the CO2 geological storage sector of the carbon capture and storage market, a rapidly developing sector of the market involving the capture of CO2 from emissions sources such as coal and gas fired power stations, liquefied natural gas and gas processing plants.The executive management team of the acquired company will be joining Petrfoac as part of the agreement, where it will oversee Petrofac's plans to accelerate the growth and development of CO2DeepStore Limited.