Aramco Advances Development of Emissions Reduction Solutions

This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)
This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)
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Aramco Advances Development of Emissions Reduction Solutions

This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)
This picture shows Aramco tower (C) at the King Abdullah Financial District (KAFD) in Riyadh on April 16, 2023. (AFP via Getty Images)

Saudi Aramco, one of the world’s leading integrated energy and chemicals companies, is further advancing the development of emissions reduction solutions including lower-carbon hydrogen, Direct Air Capture (DAC) of carbon dioxide, a novel approach to CO2 storage that involves turning carbon dioxide into stone, and the harnessing of geothermal energy.

The projects support Aramco’s ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned and operated assets by 2050, as well as the Kingdom of Saudi Arabia’s 2060 net-zero ambition. Details of the projects were disclosed on the sidelines of MENA Climate Week 2023, which is taking place in Saudi Arabia from October 8 to 12.

Aramco Executive Vice President of Technology and Innovation Ahmad Al Khowaiter said: "These projects highlight just some of the innovative ways that Aramco aims to help mitigate greenhouse gas emissions and address climate change."

"We are working on multiple fronts, partnering with leaders in a variety of fields, in an effort to advance technology solutions that have the potential to make a real impact. This includes new and groundbreaking approaches that align with our vision of a circular carbon economy, as we strive to meet the world’s energy needs both now and in the future," he added.

Following the success of a pilot project in Denmark, Aramco is in the process of signing an engineering agreement with Topsoe, a leader in energy-efficient technologies, to construct a lower-carbon hydrogen demonstration plant at the Shaybah Natural Gas Liquids (NGL) recovery plant in Saudi Arabia.

It is expected to have a production capacity of six tons of hydrogen per day and use renewable electricity in electrified steam reforming of hydrocarbons to produce lower-carbon hydrogen for use in power generation, with resulting CO2 being captured and sequestered.

Aramco is also collaborating with Siemens Energy to develop a DAC test unit in Dhahran, Saudi Arabia, with the capacity to capture up to 12 tons of CO2 per year. The test unit, which is expected to be completed in 2024, is intended to pave the way for a larger pilot plant that would have a CO2 capture capacity of 1,250 tons per year.

In addition, Aramco has successfully piloted a novel CO2 sequestration solution using in situ mineralization, which involves dissolving CO2 in water and injecting it into volcanic rocks in Jazan, Saudi Arabia.

The process permanently converts CO2 into carbonate rocks and the pilot team involved representatives from Aramco and the King Abdullah University of Science and Technology. Several innovative technologies were developed and deployed in the pilot, to help increase efficiency and reduce cost.

The Company is also exploring the expansion of its renewable energy portfolio by tapping into geothermal energy, which involves converting steam from naturally heated underground aquifers into electricity.

Three potential areas on the west coast of Saudi Arabia have already been identified and mapped using sophisticated subsurface technologies, and steps are underway to assess the extent of geothermal resources at each location.



Saudi Social Development Bank Surpasses $43.2 Billion in Total Financing

Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
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Saudi Social Development Bank Surpasses $43.2 Billion in Total Financing

Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)
Prince Faisal bin Bandar bin Abdulaziz during the launch of “Jada 30” at the Social Development Bank’s 53rd anniversary celebration (Asharq Al-Awsat)

The Saudi Social Development Bank has announced that its total financing since inception has exceeded SAR162 billion (USD43.2 billion), benefiting more than 10 million citizens and playing a vital role in the Kingdom’s social and economic transformation.

The announcement was made by Minister of Human Resources and Social Development and Chairman of the Bank’s Board, Eng. Ahmed Al-Rajhi, during the bank’s 53rd anniversary celebration held on Monday in Riyadh.

The event was held under the patronage and in the presence of Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, and marked the launch of the “Jada 30” initiative.

Prince Faisal commended the bank’s achievements over the past five decades, highlighting its impact in empowering citizens and advancing national development goals in line with Saudi Vision 2030.

In turn, Al-Rajhi emphasized the bank’s ongoing commitment to supporting development pathways and empowering individuals and communities. He reaffirmed the bank’s role as a key driver of financial and social inclusion across the Kingdom.

As part of the celebration, the bank unveiled “Jada 30,” a new initiative designed to foster entrepreneurship and support small and emerging businesses. Bank CEO Eng. Sultan bin Abdulaziz Al-Humaidi described it as a strategic leap forward in enhancing the entrepreneurial environment.

“Jada 30” transforms traditional bank branches into dynamic development hubs and business incubators, aimed at nurturing a vibrant entrepreneurial ecosystem. The initiative provides a comprehensive range of services - including financing, training, and mentorship - to help entrepreneurs launch and scale their businesses.

Since its launch, “Jada 30” has hosted in Riyadh more than 300 startups and supported over 5,800 participants, underscoring its tangible impact on youth empowerment and the promotion of a self-employment culture.

The event also witnessed the signing of several key development agreements, including a partnership with the General Authority for Awqaf and the Charitable Associations Support Fund to establish a SAR50 million financing portfolio to boost the nonprofit sector.

Further, the bank signed two agreements with Arab National Bank and Banque Saudi Fransi to create a combined SAR100 million in financing portfolios aimed at supporting entrepreneurs and emerging enterprises.

Additional agreements were inked with Alinma Bank and Arab National Bank to launch a new Freelance Work Card, offering freelancers greater access to banking services and financing options.