Skip to content Skip to Search
Skip navigation

Saudi Arabia to establish carbon capture and storage hub

Factory, Building, Architecture REUTERS
The move comes as China ramps up talks on mega investments in southeast Asia

Oil giant Saudi Aramco and the Saudi energy ministry will establish a carbon capture and storage hub, Arab News reported

After the announcement of the new project, Saudi energy minister Prince Abdulaziz bin Salman said that the kingdom could achieve its net-zero target before the stipulated target in 2060. 

Saudi Aramco CEO Amin Nasser said that the new hub in Jubail will have a storage capacity of up to nine million tons of carbon dioxide annually by 2027, the report said. 

“At Aramco, we aim to contribute around six million tons, and the remaining three million tons from other industrial sources,” he said, adding the company will start other phases of its carbon-capture sequestration process as overall capacity ramps up.

Saudi Aramco announced in October the creation of a $1.5 billion sustainability fund to find solutions to climate challenges.

Managed by Aramco Ventures, its venture capital arm, the sustainability fund is an extension of the company’s efforts to meet the world’s growing energy demand, with lower greenhouse gas emissions.

The fund plans to invest in technologies that support the company’s announced net-zero 2050 ambition in its wholly-owned operational assets, as well as the development of new lower-carbon fuels. 

Latest articles

A tourist with an arabian foal at Alhazm stud, Khubash, Saudi Arabia. 106m tourists visited the kingdom last year

Saudi Arabia hits tourism target seven years early

More than 106 million tourists visited Saudi Arabia last year, surpassing the kingdom’s 2030 target and prompting it to set a new goal of welcoming 150 million annual visitors by the end of the decade, according to the Ministry of Tourism. Achieving the milestone target of the Vision 2030 economic roadmap seven years early cements […]

Asked about reports the IMF loan could rise to $12bn, managing director Kristalina Georgieva said: 'There is nothing wrong in thinking big'

IMF expects bigger loan deal for Egypt within weeks

The International Monetary Fund expects a financing package for Egypt to be finalised within weeks, its chief said on Tuesday – while also entertaining speculation that the loan could rise to $12 billion. Speaking on the sidelines of a G20 finance meeting in Brazil, IMF managing director Kristalina Georgieva told Reuters that issues delaying the […]

Ericcson and Turkcell signed the 6G agreement at Mobile World Congress in Barcelona

Ericsson and Turkcell to lead 6G research in Turkey

Swedish telecom company Ericsson and Turkish operator Turkcell will begin advancements on research and development of 6G in Turkey. The sixth-generation wireless network will use higher frequencies than its predecessor 5G and provide substantially higher capacity and much lower latency. The advent of 6G networks holds promise of faster connectivity in various sectors including wireless […]