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Aramco Signs 5 MoUs Under Net-Zero Emissions Initiative

Aramco Signs 5 MoUs Under Net-Zero Emissions Initiative

Wednesday, 27 October, 2021 - 08:30
Saudi Aramco signed five Memoranda of Understanding with national and global investors to develop a green hydrogen project

Saudi Aramco signed five Memoranda of Understanding with national and global investors to develop a green hydrogen project, manufacture advanced nonmetallic building materials and explore localization of digital technologies for oil and gas applications.


Aramco revealed that its investment initiatives go in line with the announcement made by Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense through the Saudi Green Initiative and the Middle East Green Initiative.


The Crown Prince has pledged that Saudi Arabia would reach "net zero" emissions by 2060.


Engineer Amin Al-Nasser, President and Chief Executive Officer of Saudi Aramco, said that Aramco announced three days ago the ambition to achieve net-zero emissions by 2050.


He added that this is a major step in the face of challenges.


The first MoU was inked with Modern Industrial Investment Holding Group and Intercontinental Energy to develop a green hydrogen and ammonia project in Saudi Arabia.


Two separate MoUs were signed to evaluate the feasibility of establishing a National Green Services Company to develop and innovate nature-based solutions (NBS) that help reduce greenhouse gas emissions.


Another MoU focused on localizing the manufacturing of advanced nonmetallic building materials, as well as collaboration in research and development was entered into.


Aramco inked an MoU to explore localization of digital technologies for oil and gas applications, including domestic capacity building in the Process Automation System (PAS) and instrumentation fields.


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