Aramco, Linde, and SLB Finalize Shareholders’ Agreement for Major Global CCS Hub

Aramco, a leading global energy and chemicals company, has entered into a shareholders’ agreement with Linde and SLB to develop a Carbon Capture and Storage (CCS) hub, set to become one of the largest in the world. Under the agreement, Aramco will hold a 60% equity stake, while Linde and SLB will each own 20%.

This agreement marks a key milestone for the project and plays a vital role in Aramco’s emission reduction strategy. With backing from the Ministry of Energy, phase one of the CCS hub, located in Jubail, Eastern Province of Saudi Arabia, aims to capture and store up to nine million metric tons of CO2 annually. Construction is projected to be completed by the end of 2027, with future phases planned to increase its capacity further.

The initiative aligns with Aramco's ambition to achieve net-zero Scope 1 and greenhouse gas emissions across its wholly-owned operated assets by 2050.

Ashraf Al Ghazzawi, Aramco's EVP of Strategy & Corporate Development, stated, “CCS is pivotal to advancing our sustainability goals and our new energies business. This agreement reflects progress in our strategy to provide global carbon management solutions and achieve emission reduction objectives. Our collaboration with SLB and Linde highlights the importance of global partnerships in fostering technological innovation, reducing emissions from traditional energy sources, and enabling lower-carbon energy solutions. This CCS hub is one of many programs supporting our efforts to deliver affordable, reliable, and sustainable energy.”

Oliver Pfann, EVP EMEA at Linde, commented, “Carbon capture and sequestration are crucial to meeting the Kingdom's emission reduction goals. Linde is honored to collaborate with Aramco and SLB, contributing our innovative technologies and expertise in large-scale decarbonization projects. We are excited to help realize this landmark project, supporting the transition to a lower-carbon economy.”

Gavin Rennick, SLB President for New Energy, added, “SLB is proud to be part of this transformative initiative, which aims to abate millions of tons of CO2 annually through the Jubail CCS hub. With our extensive portfolio of CCS technologies and global experience in complex CCS projects, we are confident in our ability to play a key role in this endeavor. This project aligns with our commitment to industrial decarbonization, and we look forward to collaborating with Aramco and Linde to ensure its success.”

The announcement, made at the Forum in Riyadh, underscores a circular carbon economy approach to reducing emissions, supporting the Kingdom’s goal of achieving net-zero emissions by 2060.

In its first phase, the CCS hub will capture nine million tonnes of CO2 annually from three Aramco gas plants and other industrial sources. The captured CO2 will be transported via a pipeline network and stored in a saline aquifer, utilizing the Kingdom’s vast geological potential for CO2 storage.