Saudi Aramco signs deal with two coal extraction companies

The three companies made the announcement in a joint statement on Wednesday Aramco He will own 60 percent of Markaz shares Carbon capture and warehousing, while Lindai and SLB hold 20 percent each.

The first phase of the project is expected to complete construction work by the end of 2027, with the capacity to extract and store up to nine million tons of carbon dioxide per year.

The project is supported by Ambitious Saudi Aramco To get to the network Gas emissions The greenhouse effect of its wholly owned and operated businesses will be reduced to zero by 2050.

And the goal Saudi Arabia To reach net zero emissions by 2060.

The extracted carbon dioxide will be transported through a network of pipelines and stored underground in a saline aquifer basin.

The three companies signed a preliminary contract for the project in November 2022.