IRIS - Greece
Summary
The EU-funded IRIS project aims to decarbonize a Greek refinery using carbon capture, utilization, and storage (CCUS) technologies, reducing CO2 emissions and producing e-methanol, contributing to climate neutrality targets and creating jobs. This responsible investment in green finance will help avoid millions of tons of CO2 emissions.
The IRIS project, funded by the EU Innovation Fund, is a flagship initiative of Motor Oil for the decarbonization of the Agioi Theodoroi Refinery in Corinthia, Greece. The objective of the project is to reduce the carbon footprint of the refinery by using Carbon Capture, Utilization and temporary Storage (CCUS) technologies.
Objectives
The IRIS project involves the construction and operation of a CCUS system that will capture over 95% of the carbon dioxide contained in the exhaust gases of the hydrogen plant. Most of the captured carbon dioxide will be stored in an offshore geological formation in the North Aegean Sea, while a smaller amount will be used to produce methanol.
In addition to the CCUS system, the IRIS project includes the development of an e-methanol production plant that will use renewable hydrogen and part of the captured carbon dioxide. This will be one of the first synthetic methanol production plants in Europe, offering new opportunities in the low-carbon fuels sector, particularly in maritime transport.
The project is expected to reduce the CO2 emissions of the Motor Oil Refinery by 25%. In total, the IRIS project will contribute to the avoidance of 8.58 million tons of CO2 emissions over the first ten years of operation.
The IRIS project will also have a positive impact on the regional economy, creating up to 2,000 job opportunities during construction and 21 permanent jobs during the project's operating lifetime. Finally, the project will contribute to the achievement of the 2050 climate neutrality targets, in particular the Net-Zero Industry Act target of 50 Mt/y CO2 storage capacity by 2030, and the REPowerEU target of reducing fossil fuel consumption in industry and transport.
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