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The other power plant shuttered under the agreement is the former Chambers Cogeneration Plant in Carneys Point.

"We invested 10 million euros to build two cogeneration plants and save 4 million euros this year," he said, adding Italcer saved another million by reducing the tiles' thickness to 8.5 from 10 millimetres.

The Springfield, Ore.-based wood products company is looking into whether the fire was started by ash from its cogeneration facility, which burns wood remnants to power its veneer mill, the firm said in a news release.

The plant employs 3,500 people at three production sites, including a refinery, gasification and electricity cogeneration plant, in Sicily’s Syracuse province, and risks closure if a solution isn’t found before the embargo kicks in.

The CCS initiative would begin at Chevron's Kern River Eastridge cogeneration plant in Kern County, California, the oil major added in a statement.