DUBAI, Dec 4 (Reuters) - Saudi oil giant Aramco, top oilfield services company SLB and Linde, the world's largest industrial gases company, have signed an agreement to build a carbon capture and storage project in Jubail, Saudi Arabia.

Aramco (2222.SE) , opens new tab will own 60% of the project while SLB (SLB.N) , opens new tab and Linde (LIN.DE) , opens new tab will hold 20% each, the companies said in a joint statement on Wednesday.

The first phase is expected to be complete by the end of 2027, capturing and storing up to 9 million metric tons of carbon dioxide a year.

The project is intended to help Aramco to reach its target of net zero emissions from its operations by 2050. Saudi Arabia has a net zero target of 2060.

Captured carbon dioxide will be transported through pipelines to be stored below ground in a saline aquifer sink.

The three companies had signed a preliminary agreement on the project in November 2022.

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https://www.reuters.com/sustainability/climate-energy/aramco-slb-linde-plan-build-carbon-capture-project-2024-12-04/