Three subsidiaries of privately-owned Ineos have signed a provisional deal that aims to see carbon dioxide from the company's industrial assets in Scotland sent to the Acorn carbon capture and storage (CCS) project in the country's north-east by 2027.

The memorandum of understanding with Acorn's backers was agreed by Ineos Chemicals Grangemouth, Ineos FPS and Petroineos.

Ineos and Petroineos own and operate one of Scotland’s largest manufacturing sites at Grangemouth.

Since taking ownership of the facility in 2005, it has reduced CO2 emissions by 37%, adding that, once operational, the proposed CCS system will further increase emission reductions at the site to more than 50% compared with 2005.

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Ineos’ businesses at Grangemouth have put in place roadmaps to lead the transition to a net zero economy by no later than 2045, while remaining profitable, and staying ahead of evolving regulations and legislation, said the company.

Investment at the Grangemouth site, said Ineos, will enable the capture and storage of approximately 1 million tonnes a year of CO2 by 2027, with the scope to capture further significant volumes beyond this date.

"Based on these roadmaps, we are setting ambitious but achievable targets for 2030 which are in line with our 2045 commitment in Scotland, which we expect to publish shortly," the company added.

Commenting on Friday’s announcement, Andrew Gardner, chairman of Ineos Grangemouth, said: “Ineos and Petroineos at Grangemouth recognise the importance of reducing greenhouse gas emissions from our industrial processes.

"As a one of Scotland’s largest manufacturers and employers, we acknowledge that we are operating a CO2 intensive industry and we have a significant role to play in helping Scotland reach its net carbon zero target by 2045."

"We have already made significant reductions since taking ownership of the site and we are delighted to be taking this further by supporting the Acorn CCS Scottish cluster."

Nick Cooper, chief executive of Storegga, lead developer of the Acorn project said: "The Acorn partners (Storegga, Shell and Harbour Energy) are delighted that Ineos and Petroineos have entered into an MoU with Acorn, which is a really significant step in managing Scotland’s industrial emissions."

He said the Acorn CCS and hydrogen project is "advanced, highly scalable and has clear visibility of a large CO2 customer base."

Petroineos is a 10-year old joint venture between Ineos and state-owned PetroChina that operates a refinery at Grangemouth.

Ineos FPS operates the Forties pipeline system in the UK North Sea which lands about 40% of North Sea oil and gas production.

Meanwhile, Ineos Chemicals, via Ineos O&P UK, operates petrochemical plants at Grangemouth.