(Bloomberg) – Saudi Arabia has established a carbon-capture sequestration center, as the state oil giant seeks to reach its goal of net-zero emissions by 2060.
“I’m pleased to announce the establishment of a CCC will help the kingdom to meet its net zero ambition by 2060,” kingdom’s oil minister Prince Abdulaziz bin Salman Al-Saud said in a speech in the Egyptian resort of Sharm el-Sheikh. “Don’t be very surprised that we achieve this net zero before then.”
The center will be located on the east coast of Saudi Arabia in Jubail, state oil firm Aramco CEO Amin Nasser said. The hub will potentially be able to store up to 9 million tonnes of CO2 a year by 2027, he added.
“At Aramco, we aim to contribute around 6 million tonnes, with the remaining 3 million coming from other industrial sources.” Nasser said. “And as overall capacity ramps up, we plan to start other phases of our CCUS projects.”