 Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a shareholders’ agreement with Linde and SLB, paving the way for development of a Carbon Capture and Storage (CCS) hub that is expected to become one of the largest globally. Under the terms of the shareholders’ agreement Aramco will take a 60% equity interest in the CCS hub, with Linde and SLB each owning a 20% stake. The project will support the company’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050.
It represents a significant milestone for the project and is a key component in Aramco’s emission mitigation strategy. With the support of the Ministry of Energy, phase one of the new CCS hub in Jubail, in the Kingdom of Saudi Arabia’s Eastern Province, is expected to capture and store up to nine million metric tons of CO2 annually, and construction is expected to be completed by the end of 2027. Later phases are expected to further expand its capacity.
For more information contact media.inquiries@aramco.com
Source: https://www.aramco.com
