A New Milestone: Aker Carbon Capture and Aramco Collaborate on Carbon Capture Technologies
Aker Carbon Capture, a pioneering company in the field of carbon capture, utilization, and storage (CCUS), has joined hands with Aramco, one of the world’s leading integrated energy and chemicals companies. The signing of a Memorandum of Understanding (MoU) marks a significant step towards accelerating the deployment of CCUS and industrial modularization in Saudi Arabia. This collaboration aims to address carbon emissions reduction, create local job opportunities, and support the Middle East Green Initiative.
Exploring Partnership Opportunities: Carbon Capture and Industrial Modularization
The primary objective of the MoU between Aker Carbon Capture and Aramco is to explore various partnership opportunities that revolve around carbon capture, utilization, and storage (CCUS) technologies. By leveraging Aker Carbon Capture’s modular carbon capture plants and aftermarket services, the two entities aim to achieve a significant reduction in carbon emissions from industries and energy solutions.
Key Focus: Carbon Emissions Reduction and Removal
The collaboration between Aker Carbon Capture and Aramco is centered around the ambitious goal of carbon emissions reduction and removal. By utilizing CCUS technologies, the partnership seeks to contribute to Saudi Arabia’s Vision 2030 and its Net Zero 2060 ambition. Together, they aspire to establish a local modular CCUS industry, playing a crucial role in Saudi Arabia’s journey towards achieving net-zero emissions.
A Catalyst for Job Creation and Local Supply Chains
In addition to carbon emissions reduction, the MoU emphasizes the exploration of opportunities for job creation and the development of local supply chains. Aker Carbon Capture and Aramco aim to assess the potential for building modular carbon capture plants, thus contributing to the growth of the Saudi Arabian economy and supporting the nation’s vision for sustainable development.
Statements from Key Players
Egil Fagerland, Chief Executive Officer at Aker Carbon Capture, expressed his enthusiasm about the partnership, stating, “We are pleased to announce this opportunity with Aramco that aims to support Saudi Arabia’s Vision 2030 and the Kingdom’s Net Zero 2060 ambition. Together, we aspire to explore the establishment of a local modular CCUS industry, creating new jobs and helping Saudi Arabia’s important journey towards net zero emissions. This MoU is a potential first step for Aker Carbon Capture into the Middle East.”
Mr. Ahmad Al-Sa’adi, Executive Vice President Technical Services at Aramco, highlighted the significance of the partnership in advancing carbon capture technologies. He said, “The partnership with Aker Carbon Capture will support our efforts in developing and deploying cutting-edge technologies in the area of carbon capture. We are also exploring advanced technologies with our partners to improve efficiency and minimize emissions in transportation, low-carbon hydrogen fuels, and renewables to achieve our ambition.”
Aker Carbon Capture’s Innovative Solution: Just Catch Modular Concept
Aker Carbon Capture’s Just Catch modular concept offers a standardized product offering that enables the prefabrication of carbon capture units. This innovative solution streamlines the deployment of carbon capture technologies, allowing for greater efficiency and scalability. Aker Carbon Capture is currently delivering a Just Catch unit in the Netherlands, set to be completed by the end of 2023. The company has also secured a contract to deliver five Just Catch units to Ørsted, a global leader in renewable energy, in Denmark.
FAQs (Frequently Asked Questions)
What is the purpose of the MoU between Aker Carbon Capture and Aramco?
The MoU aims to explore partnership opportunities in deploying carbon capture, utilization, and storage (CCUS) technologies in Saudi Arabia, with a focus on carbon emissions reduction and removal.
What are the key objectives of the collaboration?
The collaboration seeks to establish a local modular CCUS industry, create job opportunities, develop local supply chains, and support Saudi Arabia’s Vision 2030 and Net Zero 2060 ambition.
How will Aker Carbon Capture contribute to the partnership?
Aker Carbon Capture will provide modular carbon capture plants and aftermarket services, offering standardized and efficient solutions for carbon capture.
What is Aker Carbon Capture’s Just Catch modular concept?
Just Catch is a standardized product offering by Aker Carbon Capture that allows for the prefabrication of carbon capture units, simplifying the deployment and scalability of carbon capture technologies.
How does this collaboration align with the Middle East Green Initiative?
The collaboration between Aker Carbon Capture and Aramco supports the Middle East Green Initiative’s goal of reducing CO2 emissions by 670 million tonnes per year, representing around 10% of global nationally determined contributions.
|Duration of MoU||2 years|
|CO2 Emissions Reduction||670 million tonnes per year|
|Just Catch Deliveries||Netherlands, Denmark|
As Aker Carbon Capture and Aramco join forces, their collaborative efforts are poised to drive significant advancements in carbon capture technologies in Saudi Arabia. By focusing on carbon emissions reduction, job creation, and the development of local supply chains, this partnership sets the stage for a greener and more sustainable future. Through their combined expertise and innovative solutions, they aim to play a pivotal role in achieving Saudi Arabia’s ambitious net-zero goals.
Bernie is an experienced financial journalist with a focus on Earnings News and Financial updates. He has been working as a journalist for more than 8 years and has been with Survey Paid since 2019. His byline can be found on articles covering stock market analysis and commentary, earnings reports, and other financial news. Based in New York City, NY.
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