- Category: Asia
10 Jan 2013
- Published on Thursday, 10 January 2013 09:19
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The Korea Advanced Institute of Science and Technology and Saudi Aramco are establishing a research center for the development of technologies to capture, store and utilize carbon dioxide.
Said to be a first-of-its-kind partnership in Asia, Korea’s leading research institute and Saudi Arabia’s top oil company, signed a memorandum of understanding to build the CO2 Research Center near the school’s main campus in Daejeon, South Korea.
"[It] represents a major step in Saudi Aramco’s research and technology strategy to partner with top global institutions to help address and find sustainable solutions to the world’s energy challenges both domestically and internationally,” said Saudi Aramco president and chief executive officer, Khalid A. Al-Falih.
While modern renewable sources are a significant addition to the future energy mix, it cannot be denied that the world’s largest energy needs will still be met primarily by fossil fuels for many decades to come, he noted.
Hence, investments into the research and development of ways to make fossil fuels more sustainable through efficiency and environmental stewardship is still of crucial importance.
“I am confident our partnership with K.A.I.S.T. will help foster innovative solutions for the clean, reliable and efficient use of hydrocarbon fuels,” said Mr. Al-Falih.
Meanwhile, K.A.I.S.T. president, Dr. Nam Pyo Suh, stressed that collaboration with top industry partners is imperative given that demand for petroleum and natural gas is expected to increase due to an increasing world population and unrelenting economic development.
According to The Korean Herald, the development of the research center will be co-financed by the two parties for an unspecified amount. The collaboration will initially run for six years and could be extended. – EcoSeed Staff