RIYADH - The Industrialization and Energy Services Company (TAQA) (a subsidiary of the Saudi Investment Fund) and Advance Resources International Inc (ARI) today announced the signing of a joint strategic cooperation agreement to develop carbon sequestration and storage (CO2) opportunities in the Kingdom of Saudi Arabia and the Middle East region.

Eng. Khaled Noah, CEO of TAQA, said: We look forward to working with a global company with more than 40 years of international experience in sequestration, carbon storage and enhanced oil recovery projects, noting that this agreement is an important step to achieve the Kingdom's Vision 2030 and one of the most important elements of TAQA 2021's strategy. .

For his part, ARI CEO Valo Koskra said that the cooperation between the two companies will focus on studies and projects related to carbon sequestration technology and improved oil recovery in Saudi Arabia and the Middle East, which is one of the most important technologies to achieve a successful energy transformation.