The Saudi Arabian Refineries Company “SARCO” announced today, Thursday, the signing of two non-binding memoranda of understanding with the Saudi Arabian Refineries Company. Christophe Global Impact, which took place yesterday evening, Wednesday, during a panel discussion held by the company on renewable energy projects that contribute to reducing carbon emissions. It has signed a non-binding memorandum of understanding to study investment in partnership with Christophe Global Impact in building a refinery to produce biofuel “Biodiesel” Carbon Negative Algae Oil – Sustainable Fuel Platform, which is expected to be built near the Red Sea coast and over an area The project will reach a production capacity of 10 million tons of biofuels annually, with an investment in its first phase of up to one billion riyals in partnership with a company Christophe Global Impact, and the annual savings in carbon dioxide will reach about 20 million tons when the project phases are completed.
“Sarco” said, that it signed a non-binding memorandum of understanding to Study of investment, in partnership with Christophe Global Impact, in slop oil technology to convert waste oil wells, ship oils, waste fuel tanks and petroleum materials into carbon-reducing raw materials (reducing carbon emissions). (She added that the cost of the first phase of the project is estimated at 130 million riyals, and it amounts to recycling more than 100,000 tons of Slop Oil and permanently reducing more than 70,000 tons of carbon dioxide annually. She explained that the implementation of these projects is linked to the approval of the Ministry of Energy and the completion of the technical and financial studies of the project. An actual partnership to implement projects, but this is linked to the approval of the Ministry of Energy on projects and other governmental approvals and the completion of technical and financial studies for the project. and the completion of the technical and financial studies of the project within 30 days The financial impact is at this stage, and any significant developments will be announced in due course.