Luxembourg-based steelmaker ArcelorMittal has announced that its subsidiary ArcelorMittal Brasil has signed a memorandum of understanding with Brazilian oil and gas producer Petrobras to study potential business models in the low-carbon economy which includes low-carbon fuels, hydrogen, renewable energy production and carbon capture and storage (CCS). This initiative is in line with ArcelorMittal’s global goal of becoming carbon neutral by 2050.
The companies plan to develop a carbon capture and storage hub in the state of Espírito Santo. This hub concept will be able to boost technical and economic viability, favoring the use of CCS as a relevant large-scale decarbonization option.
According to the statement, Petrobras has already started mapping geological reservoirs that can be configured as safe and suitable carbon storage options and is also studying existing company facilities in Espírito Santo to integrate the CCS hub infrastructure for the state.