Aramco, Linde and SLB sign shareholders’ agreement for one of the largest CCS hubs globally December 4, 2024

December 11, 2024

https://www.aramco.com/en/news-media/news/2024/aramco-linde-and-slb-sign-shareholders-agreement-for-one-of-the-largest-ccs-hubs-globally

• Aramco and its partners reach milestone in building phase one of CCS hub in Jubail, signaling positive progress on the Company’s 2035 interim climate ambitions
• First phase construction expected to be completed in 2027, with capacity to capture and store up to 9 million metric tons of CO₂ per year
• Project supports Aramco’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050, and its interim target of reducing Upstream carbon intensity by 15% by 2035
• CCS hub also complements the Company’s blue hydrogen and ammonia program, and aligns with the Kingdom’s net-zero objectives

Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a shareholders’ agreement with Linde and SLB, paving the way for development of a Carbon Capture and Storage (CCS) hub that is expected to become one of the largest globally. Under the terms of the shareholders’ agreement Aramco will take a 60% equity interest in the CCS hub, with Linde and SLB each owning a 20% stake.

It represents a significant milestone for the project and is a key component in Aramco’s emission mitigation strategy. With the support of the Ministry of Energy, phase one of the new CCS hub in Jubail, in the Kingdom of Saudi Arabia’s Eastern Province, is expected to capture and store up to nine million metric tons of CO₂ annually, and construction is expected to be completed by the end of 2027. Later phases are expected to further expand its capacity.

The project will support the company’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050.