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Carbon capture and storage hub established by Saudi Aramco in collaboration with the energy ministry | |
| Staff Writer |
The Saudi Arabian Oil Co., one of the world's largest oil producers, has partnered with the Kingdom's energy ministry to create a carbon capture and storage centre, helping the country move closer to its goal of becoming carbon neutral by 2060.
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On Thursday, in conjunction with the United Nations Climate Change Summit (COP27) in Sharm El-Sheikh, Egypt, the Saudi Green Initiative made the announcement. According to Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, the country may be able to reach its net-zero goal earlier than the 2060 deadline if the new project goes ahead as planned.
“The Kingdom is taking another bold step. I’m very pleased to announce the establishment of a carbon capture and storage hub through a partnership with Aramco, which will help the Kingdom to meet its net-zero ambition by 2060. Don’t be very surprised if we achieve this net zero even before that period,” said the minister.
He added further, “We honor our commitments and deliver them. We have to showcase that we are honorably achieving our commitments.” During the speech, Saudi Aramco CEO Amin Nasser said that the new CCS hub would be located on the east coast of Saudi Arabia in Jubail.
“At Aramco, we aim to contribute around 6 million tons, and the remaining 3 million tons from other industrial sources. As overall capacity ramps up, we will start other phases of our carbon-capture sequestration process,” said Nasser. Nasser commented, “We are the founding members of the oil and gas climate initiative, which drives collective action at the industry level. At the company level, Aramco announced the creation of a $1.5 billion sustainability fund to find solutions to climate challenges.” “This is a testing time in the world of energy. All of us need a little inspiration as we face the triple challenges in the sector; security, equity and environmental sustainability,” said Nasser.