The European Commission has approved the creation of a joint venture (Net Zero North Sea Storage Limited) by BP CCUS UK NEP Limited ('BP') and Equinor Low Carbon UK Limited ('Equinor').

The transaction mainly concerns the capture and subsequent storage of liquefied carbon dioxide (CO2) from emitters in the Teeside and Humber regions of the UK.

The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on the European Economic Area.

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