Shell PLC on Tuesday said it, alongside the United Co for Industry have signed a deal with Saudi Aramco for the construction and operation of a Metals Reclamation Complex, for recovering and recycling metals in Al-Jubail industrial city, Saudi Arabia.
The United Co for Industry is part of the Aljomaih Group of Companies, a Saudi Arabian industrial group. United Co in particular invests in manufacturing assets to support the development of advanced downstream industries.
Also on Tuesday, the FTSE 100 oil major announced that it has been picked by QatarEnergy as a partner in the $29 billion North Field East expansion project in Qatar, currently the largest liquefied natural gas project.
Under the partnership, Shell will hold a 25% share in the JV company, that will hold a 25% stake in the project itself, including four mega LNG trains with a combined nameplate capacity of 32 million tonnes per annum.
Shell will be joining TotalEnergies SE, Eni Spa, ConocoPhillips and ExxonMobil Corp in the North Field East project.
‘I am honoured that Shell has been selected by QatarEnergy. Through its pioneering integration with carbon capture and storage, this landmark project will help provide LNG the world urgently needs with a lower carbon footprint. Lower carbon natural gas is a key pillar of our Powering Progress strategy and will also help us achieve our target of becoming a net-zero emissions business by 2050,’ said Chief Executive Officer Ben van Beurden.
Concerning the Saudi Aramco agreement, the deal is intended to be the initial phase of the complex, with the processing of vanadium concentrate from Shell’s licenced Jazan integrated gasificiation combined cycle plant.
From there, a research and development centre will be built to test a residue-upgrading catalyst, and then a lithium vanadium battery and vanadium electrolyte production plant.
Collectively, these steps are expected to develop a market for vanadium redox flow batteries in Saudi Arabia.
Shell will join the partnership through Shell & AMG Recycling BV, a joint venture between Shell and critical material firm AMG.
‘The SARBV-UCI Aramco commitment will both contribute toward the Kingdom‘s net zero 2060 target, while increasing the sustainability of the region’s current energy infrastructure with the reduction of waste materials production. Going beyond metals recycling, this project is the first step toward a supercenter that aims to support the region’s refining catalyst development, testing, and production,’ said Andy Gosse, president of Shell Catalysts & Technologies.
Shares in Shell were down 5.0% at 2,092.85 pence on Tuesday afternoon in London, while Saudi Aramco closed up 0.4% at SAR38.30 in Riyadh.
Copyright 2022 Alliance News Limited. All Rights Reserved.
