Motor Oil and the European Commission have signed the E.U Innovation Fund Grant Agreement of €127 million, for the pioneering IRIS project regarding the construction and operation of a Carbon Capture, Utilisation and Storage (CCS) and e-methanol production system at the Agioi Theodoroi Refinery.
It is worth mentioning that the IRIS project is among the 41 projects that were selected, out of the 239 proposals submitted, under the second round of the EU Innovation Fund’s “large-scale” calls for proposals, and just the third in Europe, involving a Steam Methane Reformer.