Aramco, SLB, and Linde to Develop Major Carbon Capture Project in Saudi Arabia
(Reuters) — Saudi oil giant Aramco, top oilfield services company SLB and Linde, the world's largest industrial gases company, have signed an agreement to build a carbon capture and storage project in Jubail, Saudi Arabia.
Aramco will own 60% of the project while SLB and Linde will hold 20% each, the companies said in a joint statement on Wednesday.
The first phase is expected to be complete by the end of 2027, capturing and storing up to 9 million metric tons of carbon dioxide a year.
The project is intended to help Aramco to reach its target of net zero emissions from its operations by 2050. Saudi Arabia has a net zero target of 2060.
Captured carbon dioxide will be transported through pipelines to be stored below ground in a saline aquifer sink.
The three companies signed a preliminary agreement on the project in November 2022.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- Another Major U.S. Oil Refinery Shutting Down as Lyondell Confirms Houston Closure
- Chevron CEO Wirth Under Fire as Hess Deal Delay Drags Down Stock Performance
Comments