IRIS

The IRIS project aims to reduce the environmental footprint of Motor Oil’s refinery in Agioi Theodoroi, by implementing carbon capture technology at the Methane to Steam Reforming (SMR) Unit, making it a major producer of ultra-low CO2 emission hydrogen. The project will incorporate a range of industrial processes at a scale and specification not previously implemented at an independent refinery. The main innovation of the project lies in bringing together advanced technologies, involving multiple stakeholders and creating the basis for a first-of-its-kind carbon capture, use and storage (CCUS) facility in South East Europe. In addition, an e-methanol plant will be developed, using renewable hydrogen and part of the carbon dioxide captured by the CC system. This will be one of the first synthetic methanol production plants in Europe, which will open up new opportunities in the low-carbon fuel sector (mainly in the maritime sector). Consequently, the IRIS project will contribute to avoiding 8.5 mn tn of CO2 emissions during its first ten years of operation. This will maximise the environmental impact of the project, achieving both direct decarbonisation through emission reductions and indirect decarbonisation through the production of ultra-low carbon footprint hydrogen, and e-methanol, in line with relevant EU legislation. With start date on January 1st 2024 and duration 10 years, the project is expected to be completed by June 2033. The project has received funding from the European Innovation Fund programme under Grant Agreement No. 101133015.