Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Saudi Arabian Oil Co. (Aramco) is partnering with a Saudi-based research university and investing millions of dollars in future projects.
The national oil company signed a memorandum of understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to support research that aims to deliver environmental and commercial benefits, it said in a news release.
Aramco stated that it plans to fund up to $100 million in research and development projects with KAUST over the next 10 years. The funds from Aramco have been earmarked for a wide range of initiatives, from essential research to applied technologies.
Areas of collaboration include the energy transition, sustainability, materials transition, upstream technologies and digital solutions, with an emphasis on developing commercially viable outcomes, Aramco said.
Topics identified within the energy transition field include liquids-to-chemicals conversion and future refineries research, as well as low-carbon aviation fuels. Sustainability research will include hydrogen, carbon capture and storage, renewables, and energy storage solutions. Additional projects are expected to focus on advanced carbon materials and geothermal energy, according to the release.
Aramco President & CEO Amin Nasser said, “This collaboration will further deepen Aramco’s relationship with KAUST and we look forward to exploring new possibilities and frontiers with a strong focus on R&D [research and development] and technology development, reflecting our firm belief in the importance of innovation across industries and applications”.
KAUST President Tony Chan said, “The partnership exemplifies KAUST’s dedication to fostering impactful research that drives technological advancements and addresses real-world challenges. Our collaboration with Aramco will leverage our combined expertise to develop innovative solutions for a sustainable future”.
In July, Aramco announced the acquisition of an equity interest in the Jubail, Saudi Arabia-based Blue Hydrogen Industrial Gases Company (BHIG), a subsidiary of Air Products Qudra (APQ).
The transaction, subject to standard closing conditions, will also include options for Aramco to offtake hydrogen and nitrogen, Aramco said in a news release. Upon completion of the transaction, Aramco and APQ, a joint venture between Air Products and Qudra Energy, are expected to each own a 50 percent stake in BHIG. The financial details were not disclosed.
Aramco said it expects the investment in BHIG to contribute to the development of a low-carbon hydrogen network in the Kingdom of Saudi Arabia’s Eastern Province, serving both domestic and regional customers. The state-owned company added that it is building on its efforts to develop a lower-carbon hydrogen business and expand its portfolio of alternative energy solutions, according to an earlier news release.
BHIG, which is designed to produce lower-carbon hydrogen while capturing and storing carbon dioxide (CO2), is intended to begin commercial operations in coordination with Aramco’s carbon capture and storage (CCS) activities.
