Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco), TotalEnergies, and Saudi Investment Recycling Company (SIRC) inked a joint development and cost-sharing agreement (JDCSA).
The joint deal aims to assess the potential development of a sustainable aviation fuels (SAF) plant across the Kingdom, according to a press release.
They will focus on harnessing advanced engineering and technology solutions that seek to recycle and process local waste or residues from the circular economy to produce SAF. This can be applied via the used cooking oils and animal fats.
Amin Nasser, President and CEO of Aramco, highlighted: “Addressing transport emissions requires a wide range of approaches and Aramco is pursuing a number of potential innovative solutions, as we seek opportunities to contribute to global emissions reduction efforts.”
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: “By leveraging our expertise, we can take a further step towards the decarbonisation of air transport together. SAF is at the heart of our company's transition strategy, as we strive to meet the aviation industry's demand to reduce its carbon footprint.”
Ziad Al Sheha, CEO of SIRC, commented: “The new partnership with Aramco and TotalEnergies to assess the feasibility of a renewable aviation fuels plant signifies a major leap forward in our mission. We also believe it will enrich and energise our efforts to lead the development of the Kingdom’s circular economy.”
In the first nine months (9M) of 2024, Aramco recorded net profits valued at SAR 314.65 billion, down year-on-year (YoY) from SAR 354.54 billion.
