Aramco, Linde, SLB partner on one of world's largest CCS hubs

Saudi Aramco signed a shareholders’ agreement with Linde and SLB, paving the way for the development of a carbon capture and storage (CCS) hub that is expected to become one of the largest globally.

Under the terms of the agreement, Aramco will hold a 60% stake in the CCS hub, with Linde and SLB each owning a 20% stake, the oil major said in a statement.

With the support of the Ministry of Energy, phase one of the new CCS hub in Jubail is expected to capture and store up to nine million metric tons of CO2 annually. Construction is anticipated to be completed by the end of 2027. Later phases are forecast to further expand its capacity.

This agreement represents a significant milestone for the project, which is a key component in Aramco’s emission mitigation strategy.

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

Ashraf Al Ghazzawi, Aramco EVP of Strategy & Corporate Development, said CCS plays a critical role in furthering the company's sustainability ambitions and new energies business.

"This announcement represents a step forward in delivering on our strategy to contribute to global carbon management solutions and achieve our emission mitigation goals," Al Ghazzawi noted.

He added that Aramco’s collaboration with SLB and Linde demonstrates the importance of global partnerships in driving technological innovation, reducing emissions from conventional energy sources and enabling new, lower-carbon energy solutions.

"This CCS hub is among several programs that will enable us to meet rising demand for affordable, reliable, and more sustainable energy,” the official pointed out.