Press release

Fortum, TVO and Maersk join forces to develop ground-breaking Carbon Capture and Storage project

15 December 2009, 10:02 EET

Fortum Corporation and A.P. Moller - Maersk Group Joint press release 15 December 2009

Fortum, TVO and Maersk join forces to develop ground-breaking Carbon Capture and
Storage project                                                                 

Finnish utilities Fortum and Teollisuuden Voima (TVO) have entered into         
co-operation with Maersk Oil and Maersk Tankers, part of the Danish A.P. Moller 
- Maersk Group, aiming to develop a joint carbon emissions abatement project in 
the area of Carbon Capture and Storage (CCS).                                   

The partners wish to combine carbon capture at the Meri-Pori power plant with   
CO2 transportation by Maersk Tankers' vessels and geological storage. Maersk Oil
will investigate the possibility of providing final CO2 storage in the depleting
oil and gas fields of the Danish North Sea, as well as the potential use of CO2 
for Enhanced Oil Recovery (EOR). The aim is to capture, transport and store in  
excess of 1.2 million tonnes CO2 per year. Fortum and TVO have previously       
selected Siemens Energy as the CO2-capture technology partner for the project.  

Subject to successful project development, the project will seek qualification  
for funding under the European Union's CCS Demonstration Programme. The         
selection for this funding is expected to take place in 2011 and the final      
investment decision in 2011-2012. The project aims to be in operation by 2015.  

“CCS has the potential to become one of the key solutions in climate change     
mitigation. Maersk's solid experience with sea transport and oil production in  
the North Sea, combined with the power plant expertise of Fortum, TVO and       
Siemens, make the project a very strong candidate for demonstrating CCS         
technology”, says Tapio Kuula, President and CEO of Fortum.                     

“Shipping CO2 in tanker vessels is a cost efficient and flexible way to get CO2 
from power plants to offshore storage sites, which makes it a suitable solution 
for large CO2 emission sources such as coal-fired power plants, especially in   
the emerging phase of CCS,” says Søren Skou, CEO of Maersk Tankers and member of
the A.P. Moller - Maersk Group's Executive Board.                               

“We believe CCS technology and enhanced oil recovery based on CO2 have the      
potential to become key solutions to the energy security and the climate change 
challenges currently facing Europe. By actively partnering in such innovative   
projects we now step up our efforts of investigation as to whether these        
technologies are viable and sustainable solutions, on which future business can 
be developed”, says Jakob Bo Thomasen, CEO of Maersk Oil and member of the A.P. 
Moller - Maersk Group's Executive Board.    
The coal-fired power plant is located at Pori on the west coast of Finland and  
has an installed capacity of 565 MW. The CCS demonstration is planned to process
approximately 50 percent of the plant's flue gas and to capture 90 percent of   
the CO2 it contains with Siemens' proprietary post-combustion capture           
technology. Therefore it reduces CO2 emissions in excess of 1.2 million tonnes  
annually. Meri-Pori's CCS demonstration is among the largest post-combustion    
capture projects yet announced in Europe, the first to combine shipping, cross  
border transportation between two EU countries and enhanced oil recovery        
Maersk Tankers already has the blueprints to build tanker vessels for the       
transport of CO2 from emission sources to storage sites. The vessels will be    
semi-pressurised and semi-refrigerated, keeping the CO2 liquid. Maersk Tankers  
has designed the vessels, based on years of experience with transportation of   
liquefied petrochemicals and natural gas, and in accordance with global         
As an oil and gas company with in-depth experience of safely and efficiently    
managing extraction from geological formations, Maersk Oil has the necessary    
knowledge and expertise required to implement CO2 storage in depleting offshore 
oil and gas fields. On this basis Maersk Oil is in the process of identifying   
suitable offshore sites in the North Sea for CO2 storage and EOR.               

Additional information:                                                         

Mikko Iso-Tryykäri, Manager, Strategy and Investments, Fortum, 
on +358 10 45 32650
Lars Hende, Director of Carbon and Climate, Maersk Oil, on +45 3363 7494        
Christian Ingerslev, Head of Maersk Tankers Gas, on +45 3363 4869.              

Information about the Meri Pori CCS-project:                     

Fortum is a leading energy company focusing on the Nordic countries, Russia and 
the Baltic Rim area. Activities cover the generation, distribution and sale of  
electricity and heat and the operation and maintenance of power plants. Our     
vision is to be the benchmark power and heat company excelling in               
sustainability.  In 2008, Fortum's sales totalled EUR 5.6 billion and operating 
profit was EUR 2.0 billion. The company employs approximately 13,500 people.    
Fortum's shares are quoted on NASDAQ OMX Helsinki. Further information:    
Teollisuuden Voima Oyj (TVO) is a private limited company founded in 1969 to    
produce electricity for its shareholders at cost price. Its mission is to       
produce electricity for the shareholders safely and economically, without carbon
dioxide emissions. 
The company owns and operates two nuclear power plant units, Olkiluoto 1 and    
Olkiluoto 2 (OL1 and OL2) at Olkiluoto in Eurajoki. TVO is also a shareholder in
the Meri-Pori coal-fired power plant. A third nuclear power plant unit (OL3) is 
under construction at Olkiluoto. Further information:                
The A.P. Moller - Maersk Group is a worldwide organisation with about           
120,000 employees and offices in around 130 countries - with global headquarters
in Copenhagen, Denmark. In addition to owning one of the world's largest        
shipping companies, we are also involved in a wide range of activities within   
the energy, shipbuilding, retail and manufacturing industries. In 2008, the A.P.
Moller - Maersk Group's revenues totalled USD 61.2 billion with operating profit
of USD 11.9. billion. The A.P. Moller - Maersk Group's shares are quoted on     
NASDAQ OMX Copenhagen. For further information:                  

Maersk Tankers is part of the A.P. Moller - Maersk Group and operates one of the
largest, most modern and diversified independent tanker fleets in the world,    
with approximately 300 vessels. Our fleet is exclusively double hulled - all    
meeting the latest industry standards and requirements. We focus on safety, the 
environment and cost efficiency.                                                

Maersk Oil is also part of the A.P. Moller - Maersk Group and is a mid-size     
international oil and gas company with production in partnership with other     
companies from Denmark, Qatar, the UK , Algeria and Kazakhstan, and exploration 
activities in a number of locations globally. Maersk Oil is the operator for    
more than 800,000 barrels of oil equivalent per day, and is one of the world's  
top 25 independent oil and gas companies.For further information: