Aramco, SLB and Linde plan to build carbon capture project

Linde

04/12/2024 07:53

DUBAI, Dec 4 (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  2222.SE  will own 60% of the project while SLB
 SLB.N  and Linde  LIN.DE  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 had signed a preliminary agreement on
the project in November 2022.
    

 (Writing by Yousef Saba
Editing by David Goodman)
 ((Yousef.Saba@thomsonreuters.com; +971562166204; https://x.com/YousefSaba))