Aker Carbon Capture and Aramco to explore partnership opportunities to deploy CCUS modular solutions in Saudi Arabia

OSLO, Norway, July 13, 2023 /PRNewswire/ -- Aker Carbon Capture and Aramco, one of the world's leading integrated energy and chemicals companies, have signed a Memorandum of Understanding (MoU) to explore partnership opportunities to deploy carbon capture, utilization and storage (CCUS) and industrial modularization in Saudi Arabia.

The MoU is expected to focus on carbon emissions reduction and removal through CCUS from industries and energy solutions by offering modular carbon capture plants and aftermarket services. The parties also aim to assess the potential for developing local supply chains and module fabrication. The MoU has a duration of 2 years.

"We are pleased to announce this opportunity with Aramco that aims to support Saudi Arabia's Vision 2030 and the Kingdom's Net Zero 2060 ambition. Together, we aspire to explore the establishment of a local modular CCUS industry, creating new jobs and helping Saudi Arabia's important journey towards net zero emissions. This MoU is a potential first step for Aker Carbon Capture into the Middle East. Through the Middle East Green Initiative, the region aims to reduce CO2 emissions by 670 million tonnes per year. It is important for Aker Carbon Capture to support this major undertaking, which represents around 10% of global nationally determined contributions," said Egil Fagerland, Chief Executive Officer at Aker Carbon Capture.

Aker Carbon Capture's Just Catch modular concept is a standardized product offering that enables prefabrication of carbon capture units. Aker Carbon Capture is currently delivering a Just Catch unit in the Netherlands, which is expected to be delivered by the end of 2023. In May 2023, the company announced the award of a contract for five Just Catch units to Ørsted in Denmark, a global leader in renewable energy.

"The partnership with Aker Carbon Capture will support our efforts in developing and deploying cutting edge technologies in the area of carbon capture. We are also exploring advanced technologies with our partners to improve efficiency and minimize emissions in transportation, low-carbon hydrogen fuels and renewables to achieve our ambition," said Mr. Ahmad Al-Sa'adi, Executive Vice President Technical Services, Aramco.

Aker Carbon Capture and Aramco also aim to explore the possibility of developing modular solutions across industries in Saudi Arabia.

Media contact:
Yannick Vanderveeren, mob: +47 458 36 358, email: yannick.vanderveeren@akercarboncapture.com

Investor contacts:
David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com

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