SARCO to contribute to reducing global methane emissions by 30%
Saudi Arabian Refineries Company (SARCO), and UK-based Christof Global Impact recently signed two non-binding memoranda of understanding (MoUs) to develop renewable energy projects.
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 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.
“These MoUs will add a new dimension to SARCO’s commitment to enabling the development of renewable energy resources,” remarked Eng. Aiad Mohammad Mushaikh, SARCO Chairman of the Board.
Marwan Al Amoudi, CEO, Christof Arabia, a subsidiary of Christof Global Impact, pointed out that the new cooperation with SARCO comes to promote sustainability, preserving the environment and natural resources in addition to create jobs for Saudi youth.
“Through our partnership with SARCO, one of our goals is to contribute to reducing global methane emissions by 30% as part of the global methane pledge by 2030, along with planting 10 billion trees and restoring 40mn sqm of land over the next few decades,” commented Oliver Christof, CEO, Christof Global Impact.