Saudi Arabian Refineries Company (SARCO), and UK-based Christof Global Impact signed two non-binding memoranda of understanding (MoUs) to develop renewable energy projects with an estimated cost of $302 million.
The first project is to study an investment partnership to build a refinery producing the ‘biodiesel’ biofuel carbon, which is negative fuel derived from algae through “carbon negative algae oil – sustainable fuel platform” with an initial investment of up to SR1 billion ($266 million) for the first phase.
The second project, aims to study the investment in the technology of slop oil to convert waste oil wells, oil from shipping ships, waste of fuel tanks and petroleum materials into low carbon raw materials to reduce carbon emissions with an estimated total cost of SR130 million for the first phase.
SARCO Chairman of the Board, Aiad Mohammad Mushaikh said, “The new direction of SARCO focuses on developing its business and being one of the leading local companies in the market, as part of the National Renewable Energy Program and the strategic initiative.”
“It also falls in line with the Saudi Vision 2030 aiming to raise the Kingdom’s share of renewable energy production to the maximum level possible, achieve a balance in the mix of local energy sources, and meet the Kingdom’s obligations to reduce carbon dioxide emissions.”
These projects are subject to the approval of the Ministry of Energy and to the completion of technical and financial studies, according to Mushaikh.
From his side, Marwan Al Amoudi, CEO of Christof Arabia, a subsidiary of Christof Global impact said that the new cooperation with SARCO comes to promote sustainability, preserving the environment and natural resources in addition to create jobs for Saudi youth.