Gulf Cryo to export surplus production after operating Ma’aden project

Vice Chairman Abdul Salam Al Mazrou

Gulf Cryo Co. is undertaking a huge project to extract carbon dioxide emissions with Maaden, which is under construction, said Vice Chairman Abdul Salam Al Mazrou. He added that it will be operated in three phases, and will produce about 300,000 metric tons annually.

The company will be the largest in the region after operating the project, he noted.

In a statement to CNBC Arabia TV, Al Mazrou said that Saudi Arabia’s need for carbon dioxide emissions amounts to 400,000 metric tons annually, indicating that the focus is currently on covering local production, while the surplus will be exported outside the Kingdom after operating Ma’aden project.

The size of the market in the Gulf and neighboring countries for carbon dioxide capture amounts to one million tons and is growing by about 10% annually. The company has a market share of 30%, and is expected to increase to 40% in the future, said the official.

He further stated that a project to extract carbon dioxide emissions from a monoethylene glycol (MEG) plant in the Petro Rabigh Industrial Complex – which is wholly owned by Cryo Co. - has started operation, with a production capacity of 100,000 metric tons annually.