Riyadh - Sharikat Mubasher:The Saudi energy behemoth Aramco signed a shareholders’ agreement with Linde and SLB during the Saudi Green Initiative (SGI) Forum to develop one of the largest carbon capture and storage (CCS) hubs in the world, with the support of the Saudi Ministry of Energy.

Under this agreement, Aramco will take a 60% equity interest in the CCS hub, with Linde and SLB each owning a 20% stake, the energy titan announced in a press release.

Phase one of the new CCS hub in Jubail is set to be completed by the end of 2027 and is expected to capture and store up to nine million metric tons of CO2 annually from three Aramco gas plants and other industrial sources. Later phases are expected to further expand its capacity.

This project will support the company’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050.

Ashraf Al Ghazzawi, EVP of Strategy and Corporate Development at Aramco, said: “Aramco’s collaboration with SLB and Linde demonstrates the importance of global partnerships in driving technological innovation, reducing emissions from conventional energy sources and enabling new, lower-carbon energy solutions.”

He clarified that the project represents a step forward in delivering on Aramco’s strategy to contribute to global carbon management solutions and achieve its emission mitigation goals.

Meanwhile, Oliver Pfann, Linde’s EVP for Europe, Middle East, and Africa (EMEA), commented: “Linde is proud to collaborate with Aramco and SLB, contributing Linde’s innovative technology and experience in delivering world-scale decarbonization projects. We look forward to jointly realizing this landmark project which supports the development of a lower-carbon economy.”

Moreover, Gavin Rennick, SLB President for New Energy, affirmed that the project aligns perfectly with the company’s commitment to industrial decarbonization.