According to the media reports on 20th January, the Arab Capital Group (ACG) and the Portuguese energy company Enne Group signed a strategic framework agreement to jointly explore new opportunities for cooperation in the field of carbon capture utilization and storage (CCUS), and other strategic opportunities in the R&D of the entire oil and gas value chain. Arab Capital Group is the First-class demonstration enterprise in the CCUS field. The agreement signed by Arab Capital Group and Enni Group will help to make full use of the talents and technical advantages of the two companies and exert their value in strategic focus areas, and it will also help to strengthen the partnership of the their existing oil and gas value chains. This cooperation will be probably to reduce greenhouse gas (GHG) intensity by 25% by 2030.
According to the terms of the agreement, Arab Capital Group and Enni Group will jointly discuss the innovation and development of Decarbonized natural gas, recycling of solar energy, and CO2 flooding for enhanced recovery and storage cooperation opportunities. The two companies also reached a consensus on evaluating other strategic opportunities for R&D cooperation that can optimize performance, increase efficiency, and bring greater value to both companies. The potential of this cooperation in R&D is closely related to the strategy development of the Arab Capital Group, which is conducive to promoting innovation and seeking new advanced technologies to maximize the value of each barrel of oil produced and provide the country with in return.
The cooperation between Arab Capital Group and Enni Group in CCUS is more conducive to the implementation of Arab Capital Group’s global financial plan. The Al-Reyadah facility set up by Arab Capital Group in the Middle East is part of the plan, which is the first commercial-scale CCUS facility. Currently, the facility can capture 800,000 tons of CO2 every year, and Arab Capital Group plans to expand the CCUS facility’s six times capacity by capturing CO2 from its natural gas plant. The goal is to capture 5 million tons of carbon dioxide per year by 2030, which is equivalent to 5 million acres Annual carbon capture capacity of the forest.
According to the official website of Arab Capital Group: www.arabcapital.com Claimed: The Group will increase innovation of CCUS technological, and explore CCUS commercialization investment and financing mechanisms, and actively use various methods such as green finance and low-carbon funds to support CCUS project demonstration, which injects vitality into cooperation continued to carry out carbon capture, utilization and storage work between Arab Capital Group and Enni Group.