Saudi Arabian Refineries Company (SARCO) and UK-based Christof Global Impact have signed two non-binding Memorandum of Understandings (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 $266.7 million for the first phase.
The second project, with an estimated total cost of $34.6 million for the first phase, intends to explore the investment in slop oil technology 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.
SARCO Chairman of the Board, Eng. Aiad Mohammad Mushaikh said that “These MOUs will add a new dimension to SARCO’s commitment to enabling the development of renewable energy resources. 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.”
According to Mr. Mushaikh, these projects are subject to the approval of the Ministry of Energy and the completion of technical and financial studies. Mr. Marwan Al Amoudi, CEO of Christof Arabia, a subsidiary of Christof Global impact pointed out that the new cooperation with SARCO comes to promote sustainability, preserve the environment and natural resources in addition to creating jobs for Saudi youth.
Mr. Oliver Christof, CEO of Christof Global Impact commented that “Through our partnership with SARCO, one of our goals is to contribute to reducing global methane emissions by 30 percent as part of the global methane pledge by 2030, along with planting 10 billion trees and restoring 40 million square meters of land over the next few decades. All of these goals fall under the primary objectives of the Saudi Vision 2030.”
