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Rabigh Refining and Petrochemical Co. (Petro Rabigh) announces the completion and operation commencement of the project to capture CO2 emissions from the MEG plant at the company complex
| Element List | Explanation |
|---|---|
| Introduction | Rabigh Refining and Petrochemical Co. (Petro Rabigh), in collaboration with Gulf Cryo, a leading provider of industrial, medical, and specialty gases in the region, announces the inauguration of the new carbon capture and utilization facility. The project agreement was signed in March 2022, to design, construct, and operate an advanced carbon capture plant at Petro Rabigh's Mono Ethylene Glycol (MEG) plant. The new facility captures 300 metric tons of CO2 per day directly from MEG plant, representing 85% reduction in its total annual CO2 emissions footprint. The captured CO2 is equivalent to the sequestration capacity of approximately 360 thousand Mangroves Trees. By preventing the release of CO2 emissions into the atmosphere, the project supports Saudi Arabia's target of achieving net zero emissions by 2060 under Vision 2030 and in alignment with UN Sustainable Development Goals. The captured CO2 will be purified to a high-purity for other productive uses including water desalination, food and beverage carbonation, agriculture and in ready mix concrete. |
| Previous Announcement | Rabigh Refining and Petrochemical Co. (Petro Rabigh) has signed an agreement with GULF CRYO to capture CO2 emissions from the MEG plant at Petro Rabigh complex |
| Date of Previous Announcement on Tadawul's Website | 2022-03-24 Corresponding to 1443-08-21 |
| Percentage of fulfilled achievement | 100% |
| Event's Expected Completion Date | Dec 19, 2023 |
| Reasons for Exceeding the Announced End Date | The late arrival of some devices and equipment for the project from the supplier factory and some of the regular construction procedures for safety. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Unchanged – third party project |
| Impact of the Delay on the Company's Financial Results | Not Applicable |
| Additional Information | Not Applicable |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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