AFAC Wins Aramco Contract for Carbon Capture & Sequestration Project
AFAC secures Aramco contract to develop a CCS hub, pipeline, and injection systems to store 9 MTPA of CO2 by 2027.
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Abdullah Fahad Al-Khaledi Company for General Contracting (AFAC) has been awarded a contract by Aramco for the Carbon Capture & Sequestration (CCS) Project. The CCS Phase 1 project plans to build a CCS hub, a transportation pipeline, and injection systems to store 9.0 million tones per annum (MTPA) of CO2 by 2027.
This contract, awarded on March 17, 2024, includes the site development and early works package under a Joint Development Agreement with Linde and SLB. The Project Management team has mobilized to the site and commenced execution work.
The first phase of the project will capture CO2 emissions from three Aramco gas plants and other third-party sources, transporting the CO2 into a designated reservoir for storage.
The project also involves conditioning and compressing CO2 collected from the Aramco gas plants, which will then be transported via a 200+ km pipeline to the injection sink. This initiative aims to transition local industries and sectors to cleaner and more sustainable operations and is designed for potential expansion in future phases.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
