Overseas Shipholding Group, Inc., a provider of energy transportation services, has been awarded a $400,000 grant from the United States Department of Energy (“DOE”) to study the development of its proposed Tampa Regional Intermodal Carbon Hub (“T-RICH”), according to the company's release.
The study is intended to evaluate the commercial feasibility of developing an intermediate storage hub at Port Tampa Bay for CO2 captured from industrial emitters across the State of Florida. T-RICH would receive, store, and process two million metric tons of CO2 per year, which would be transported by OSG 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 DOE is encouraging the development of carbon capture and storage systems as part of the United States’ goal to reduce CO2 emissions to achieve net zero carbon by 2050. Carbon capture and storage systems are expected to provide up to 30% of that total carbon emission reduction. Creating this supply chain will connect Florida to the fast-maturing CO2 industry, will help improve air quality for all Florida residents, and would provide hundreds of new jobs involving innovative technology and infrastructure in Florida to support carbon capture, storage, and transport systems that OSG is promoting.
Overseas Shipholding Group, Inc. is a publicly traded company providing liquid bulk transportation services in the U.S. Flag markets. OSG’s U.S. Flag fleet consists of Suezmax crude oil tankers doing business in Alaska, conventional and lightering ATBs, shuttle and conventional MR tankers, and non-Jones Act MR tankers that participate in the U.S. Tanker Security Program.