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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

Saudi scientists testing a new technique to freeze carbon emissions

    • New testing is about half the cost of existing carbon capture techniques

    • The cryogenic technology hopes to capture up to 25 tons a day from a power plant

    A pioneering technique is being tested by a team of scientists at Jeddah-based King Abdullah University of Science and Technology for freezing greenhouse-gas emissions from power plants that is about half the cost of existing carbon capture techniques.

    The cryogenic technology was developed by Sustainable Energy Solutions, a private company based in Salt Lake City, Utah, in the US and may cost between $35 and $40 a ton on a large scale, said William Roberts, a professor at the university.

    Within two years, according to Bloomberg, the team hopes to capture up to 25 tons a day from a power plant near the new city of Neom, Roberts said. The project will cost around $25 million.

    “We think the energy costs are low, the footprint is small and the capex is reasonably small,” he said. “Efficiency gets better as the scale goes up.”

    Saudi Arabia is exploring a number of carbon capture, storage and reuse technologies. Aramco is capturing 40 million standard cubic feet of CO2 a day at its Hawiyah Gas Plant, which it then pipes 85 km to the Uthmaniyah oil field to be injected into the reservoir for storage and enhanced oil recovery.

    Aramco is also working on technology that captures carbon emissions from car exhausts and stores it until it can be offloaded at fuel stations.