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(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 had signed a preliminary agreement on the project in November 2022.
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