Ma’aden and Gulf Cryo have sealed a 20-year agreement to capture and utilise Ma’aden’s carbon emissions.
The long-term agreement, signed on the sidelines of COP27, is considered among the largest carbon projects in the region and will recover as much as 300,000 Mtpa of carbon dioxide (CO2) emissions.
Gulf Cryo will construct and operate a ‘mega’ CO2 capturing plant in the Ma’aden integrated phosphate complex in Saudi Arabia, with the first phase due to be operational by 2024.
The partnership aims to reduce emissions at the mining company while providing a clean CO2 source to be used in industrial gases in the Kingdom. The captured CO2 will be distributed by Gulf Cryo, partly to International Maritime Industries, Saudi’s maritime yard, and the rest will be used in industrial applications such as Enhanced Oil Recovery (EOR) and water desalination, as well as other industries.
Robert Wilt, CEO Ma’aden, said, “The agreement with Gulf Cryo marks a milestone in our journey to reach Net Zero emissions by 2050 … carbon capture will further strengthen Ma’aden’s position as a major global supplier of Blue Ammonia, a low carbon approach to ammonia production.”
Amer Huneidi, Chairman of Gulf Cryo, said it will provide the necessary solutions and expertise to support Ma’aden’s sustainability strategy.
He said, “This agreement is an anchor of our common commitment to decarbonise the region, and to support the Kingdom’s climate goals and localisation objectives by creating a circular carbon economy.”
Eng. Abdulsalam Al Mazro, Vice Chairman of Gulf Cryo, said investing in decarbonisation solutions in the Kingdom is part of Gulf Cryo’s strategy.
He said, “We are vigorous in creating a circular carbon economy in which we capture and reuse the recovered CO2 within the Kingdom itself. This circularity has direct results not only on the environment and the Kingdom’s localisation plan, but also on shifting mindsets and setting an example for young talents.”