RUEIL--MALMAISON, France, August 30 /PRNewswire/ --
-- Founding of the Geogreen Company by Three Major Players in the Field
IFP, Géostock and BRGM are announcing the creation of a joint company, Geogreen, specializing in engineering services for the transport and geological storage of CO2. These three leading French players are pooling their skills in order to position the company in the world market for the geological storage of CO2 and thereby contribute to reducing emissions of greenhouse gases.
IFP holds a 40% stake in the new company, Géostock another 40%, and BRGM 20%. The technical activities are perfectly complementary between shareholders. This enable Geogreen to provide the industries concerned with a very broad range of services, covering the whole chain from the transport of CO2 to its geological storage, from upstream expertise to engineering and project development. In the longer term, Geogreen will offer injection site inspection and maintenance services, and monitoring services in connection with closures of storage sites.
Gilles Munier, Chief Executive Officer, Pierre Le Thiez, Executive Vice-President, and Carlos Gomez-Montalvo, Vice-President Sales & Marketing, will lead the new company.
Poorly developed only a decade ago, CO2 technologies are today recognized as a way to make a significant dent in emissions of greenhouse gases. Industries that emit CO2 are taking a close look at mass geological storage solutions, and pilot CO2 capture and injection facilities are mushrooming all over the world.
Aware of the environmental stakes for future generations, and the importance of taking steps towards sustainable development, Geogreen is firmly committed to a public interest approach. Its leaders are determined to apply a stringent health, safety and environmental protection policy and to work in complete transparency with all players concerned by its business.
As an international research and training center, IFP is developing the transport energies of the 21st century. The capture and storage of CO2 are among its strategic priorities. http://www.ifp.fr
Géostock is an international engineering group and a leader in the underground storage of hydrocarbons, in particular natural gas. http://www.geostockgroup.com
BRGM, is a French leading public institution the Earth sciences field to manage the resources and risks of the soil and the subsoil. http://www.brgm.fr
Press contact: Géostock: Christine Marion, Tel: +33-1-47-08-73-56, cmn@geostock.fr; IFP: Anne-Laure de Marignan, Tel: +33-1-47-52-62-07, a-laure.de-marignan@ifp.fr; BRGM: Danièle Roblin, Tel: +33-2-38-64-39-76, droblin@brgm.fr
