KSA Business: Sarco, Christof Global Impact sign MoUs for renewable projects – Gulf Digital News

KSA Business: Sarco, Christof Global Impact sign MoUs for renewable projects – Gulf Digital News

Saudi Arabian Refineries Company (Sarco), and UK-based Christof Global Impact have 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 ($266.45 million) for the first phase.

The second project aims to study 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, said a statement.

Sarco Chairman Eng Aiad Mohammad Mushaikh pointed out: "The new direction of Sarco focuses on developing its business and being one of the leading local companies in the market, as part of the National Renewable Energy Program and the strategic initiative.”

Mushaikh added: “It also falls in line with the Saudi Vision 2030 aiming to raise the Kingdom's share of renewable energy production to the maximum level possible, achieve a balance in the mix of local energy sources, and