Aramco, Linde, and SLB Forge Major Agreement on Global CCS Hub

Saudi Arabian Oil Co., Aramco, Linde, and SLB have signed a shareholders' agreement for one of the largest carbon capture and storage (CCS) hubs globally. The first phase of construction is expected to be completed by 2027, with the capacity to capture 9 million metric tons of CO2 annually. Aramco will hold a 60% equity interest, while Linde and SLB each have 20%.

In a bold move to tackle carbon emissions, Saudi Arabian Oil Co. (Aramco), alongside Linde and SLB, has inked a significant shareholders' agreement to develop one of the world's largest carbon capture and storage (CCS) hubs.

The ambitious project is slated for completion in 2027, with an impressive capacity to capture and store up to 9 million metric tons of CO2 annually.

Under the arrangement, Aramco will command the majority stake of 60%, with Linde and SLB sharing the remaining 40%. This strategic partnership marks a significant step forward in global efforts against climate change.

(With inputs from agencies.)