08:17 AM EDT, 06/26/2024 (MT Newswires) -- (Adds additional details in second and third paragraph)

Shell's (SHEL) Shell Canada Products announced on Wednesday a final investment decision for a carbon capture project in Alberta, Canada, called Polaris, which is designed to capture about 650,000 tonnes of carbon dioxide annually from the Shell-owned Scotford refinery and chemicals complex.

In addition to the Polaris, the company said it has made a final investment decision to proceed with the Atlas Carbon Storage Hub in partnership with ATCO EnPower. The first phase of this hub will provide permanent underground storage for CO2 captured by the Polaris project.

The company said both projects are expected to begin operations toward the end of 2028.

Price: 71.00, Change: -0.55, Percent Change: -0.77