The first project, with an initial investment of up to $ 266.50 million for the first phase, involves constructing a refinery to produce biodiesel a carbon-negative biofuel derived from algae.
The second project, with an estimated total cost of SR 130 million for the first phase, aims to convert slop oil, oil from shipping ships, waste fuel tanks, and petroleum materials into low carbon raw materials. These projects are subject to the approval of the Ministry of Energy and to the completion of technical and financial studies, the company said.
