Date(s) - 11 June 2008
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Celebrating World Environment Day
EQUATE kicks off the first project for CO2 Emission Reduction
EQUATE Petrochemical Company and Al-Nafisi International Company signed on Monday, June 9, 2008, an agreement whereby EQUATE will supply CO2 from one of its facilities to Al-Nafisi International Company.
The CO2 agreement is marking the first CO2 gas utilization project in the region and is aimed at promoting green house gas emission initiatives by capturing vented CO2 gases from the atmosphere. The investor on this project, Al-Nafisi International Company, will be utilizing the CO2 for a number of business applications and environmental initiatives thereby reducing CO2 emissions locally.
On this occasion, Mr. Fahad Al-Nafisi, Chairman of Al-Nafisi International Company said, “We are very pleased to have concluded our discussions with EQUATE on signing the CO2 supply agreement. We are so admired with EQUATE cooperation and transparent vision to mitigate this environmental matter. We are happy as investors to add higher value to the community by reducing CO2 emissions and also participating in new businesses and adopting new technologies to benefit from the recovered CO2 through various applications like enhanced oil recovery (EOR), food and beverage and many others.”
On his part, EQUATE President and CEO Hamad Al-Terkait said “We are very proud today to prove our world class standards driven by our vision and to see that a private group in Kuwait thinks and acts on a global level seeking to add value by best employing CO2 emitted in Kuwait. Our commitment to our environment makes us very determined to work jointly addressing environmental challenges and turning them around to have sound business opportunities.”
Mr. Al-Terkait thanked Mr. Fahad Al-Nafisi, head of Al-Nafisi International Company for their role in proactively driving leading projects in the region and wished them the best on setting up their facilities for utilizing EQUATE CO2.
The signing ceremony coincides with the World Environment Day which is targeted at reducing CO2 and green house gas emissions worldwide.
The project should be in commercial operation by the 1st quarter of 2010.