Posted on 16 Jun 2023
China's SINO CARNEUTEC (also known as Zhonghuan International Group(Hong Kong) Limited) and Saudi Arabia's Amar Al Oula Company have signed a $533 million investment agreement at the 10th China-Arab Cooperation Forum held in Riyadh, Saudi Arabia earlier this week.
Kallanish learns from the Chinese company that it intends to jointly design, plan, invest, construct, and operate a direct reduced iron (DRI) production project, as well as a supporting green steel project in Saudi Yanbu Industrial City.
This will use SINO CARNEUTEC's self-innovated CarNeuTEC-DRI ironmaking technology, a process that mainly uses iron ore and natural gas to produce direct reduced iron. The advantage of this technology is that its DRI products have low impurities such as copper, nickel, chromium, and tin. Lower-grade iron ore is acceptable as a production raw material, so this can reduce production energy consumption and increase production efficiency, thereby reducing the production cost of the enterprise.
In addition, steel products produced using this DRI can have lower nitrogen content, thereby improving the quality of steel, the company introduced.
The unique gas circulation process developed by the company can recycle carbon dioxide in the production process, which can reduce carbon emissions by 50% compared with other ironmaking processes.
SINO CARNEUTEC is a company focusing on carbon neutral technology development, carbon asset custody services, carbon asset valuation services, carbon trading product research and development, carbon neutral demonstration Industrial Park operation and services, circular economy and environmental Protection Technology Industrial Park operation and services. Its core technology, CarNeuTec, is the conversion of waste into renewable energy through a pyrolysis process.
The company's exploration in Saudi Arabia began in March 2021, when a memorandum of cooperation on scrap car dismantling and scrap steel processing was signed. In July 2021, it signed a graphite electrode project cooperation agreement in Saudi Arabia.
Source:Kallanish
