By Sabela Ojea


Overseas Shipholding Group has been awarded a $400,000 grant from the U.S. Department of Energy to develop a proposed regional intermodal carbon hub in Florida.

The provider of energy transportation services on Thursday said that the hub, to be located in Tampa, would receive, store, and process two million metric tons of CO2 a year.

The CO2 would be transported by Overseas Shipholding's vessels across the Gulf of Mexico for permanent underground storage.

"This storage and transport hub will be the first of its kind in the nation and could be scaled to meet expanded volumes of captured CO2," the company said, noting that the hub would also help Florida face climate change.

The Energy Department is encouraging the development of carbon capture and storage systems as part of the U.S. goal to achieve net zero greenhouse gas emissions by no later than 2050.


Write to Sabela Ojea at sabela.ojea@wsj.com


(END) Dow Jones Newswires

12-21-23 1455ET