The European Commission has proposed to award €102 million (US$120 million) to the Porthos project, which aims to provide transport and storage of captured CO₂ in the North Sea, off the coast of Rotterdam. Porthos, a joint venture between EBN, Gasunie and the Port of Rotterdam Authority, aims to store 2.5 Mt of CO₂ per year from the industrial operations of Air Liquide, Air Products, ExxonMobil and Shell within the Rotterdam area, an amount that would be equivalent to 10% of total emissions from the surrounds. The EC funding, if it receives approval from the European Parliament, would be approximately one-fifth of the full €450-500 million (US$530-588 million) capital cost of the project, a substantial investment and a signal of the intent of the parliament, and would fit with the goals of the European Green Deal already announced by the EC. Piping in the Rotterdam area will be oversized to allow for other industries to tap into the network in the future, and users will pay a per-tonne fee for the transport and storage of carbon dioxide, by doing so avoiding the need to pay for carbon permits for the same carbon dioxide under the EU Emissions Trading System. The port of Antwerp and the North Sea Port, which services Vlissingen and Terneuzen in the Netherlands and Ghent in Belgium, will also be involved in the project in some capacity.