Saudi Arabia Refineries Co. announces signing a Memorandum of Understanding with Christof Global Impact company

1- A non-binding memorandum of understanding to study investment in partnership with Christof Global Impact in building a refinery to produce biofuel “Biodiesel” carbon negative fuel derived from algae Carbon Negative Algae Oil – Sustainable Fuel Platform, which is expected to be built near the Red Coast on an area of 14 million square meters, bearing in mind that this project will reach a production capacity of 10 million tons of biofuels annually, with an investment in its first phase with a value of up to one billion riyals in partnership with Christof Global Impact, and the annual savings in carbon dioxide will reach about 20 million tons when Project phases completed.

2- A non-binding memorandum of understanding to study the investment, in partnership with Christof Global Impact, in the technology of slop oil to convert waste oil wells, oil from shipping ships, waste of fuel tanks and petroleum materials into low carbon raw materials (reducing carbon emissions). The cost of the first phase of the project is an estimated total amount By about 130 million riyals, it amounts to recycling more than 100,000 tons of Slop Oil and permanently reducing more than 70,000 tons of carbon dioxide annually.

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.