Saudi Arabian Refineries Company (SARCO), and Christof Global Impact signed two non-binding memoranda of understanding (MoUs) to develop renewable energy projects.
The first project is to study an investment partnership to build a refinery producing the ‘biodiesel’ biofuel carbon, which is negative fuel derived from algae through “carbon negative algae oil – sustainable fuel platform” with an initial investment of up to SR1 billion for the first phase.
The second project, aims to study the investment 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 to reduce carbon emissions with an estimated total cost of SR130 million for the first phase.
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