The Saudi Arabian Refineries Company (SARCO) announced the signing of two non-binding memoranda of understanding with Christophe Global Impact, which took place yesterday evening, Wednesday, during a panel discussion held by the company on energy projects. renewable energy that contributes to reducing carbon emissions.
The company said in a statement to the Saudi market (Tadawul), today, Thursday, that the first memorandum is not binding to study investment in partnership with Christoph Impact in building a refinery to produce biofuel (diesel). Bio) carbon-negative fuel derived from algae, which is expected to be built near the Red Coast on an area of up to 14 million square meters.
She explained that this project will reach a production capacity of 10 million tons of biofuels annually, with an investment in its first phase of up to one billion riyals in partnership with Christoph Impact. Annual savings in carbon dioxide to about 20 million tons when the project phases are completed.
As for the second memorandum that was signed, it is not binding to study the investment in partnership with Christoph Impact in the technology of slop oil in the conversion of waste oil wells, ships oils, waste fuel tanks and materials Petroleum to carbon-reducing raw materials (reduce carbon emissions).
The company indicated that the cost of the first phase of the above project is estimated at 130 million riyals, and it amounts to recycling more than 100,000 tons of Slop Oil and reducing more than 70,000 tons of carbon dioxide per year permanently.
She said that the implementation of these projects is linked to the approval of the Ministry of Energy and the completion of the technical and financial studies of the project, explaining that work will begin after obtaining the approval of the Ministry of Energy on the projects and other government approvals and the completion of the project. Technical and financial studies of the project within 30 days.
The company stated that the financial impact cannot be determined at this stage, and any important developments will be announced in due course, and the company will announce any subsequent material developments in At that time.