PIF’s SIRC inks deal with Aldrees to advance circular economy and oil processing

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RIYADH: In a bid to boost the Kingdom’s circular economy and oil processing management, Saudi Investment Recycling Co. has entered into a deal with Aldrees Petroleum and Transport Services Co.

SIRC, wholly owned by the Public Investment Fund, signed the deal to build a strategy that supports best practices for recycling used oils and extracting economic value from them. 

This will contribute to achieving the Kingdom’s environmental sustainability goals toward a greener future, aiming to mitigate environmental pollution and protect natural resources. 

In a bid to enhance environmental sustainability and preserve marine ecosystems, the Saudi Ports Authority, also known as Mawani, signed an agreement with the SIRC in September to combat oil spills.   

The collaboration involves establishing facilities for waste reception and recycling, offering support in addressing oil spills, and ensuring long-term sustainability in waste recycling from ships.

The agreement, signed on the sidelines of the Saudi Maritime Congress in Dammam from Sept. 20-21, also seeks to combat dangerous substances in the seas and encourages cooperation in satellite-based monitoring and surveillance solutions for marine environmental protection. 

The agreement also strives to identify effective methods for managing marine waste and preserving the waters, contributing to economic and investment incentives for future opportunities arising from SIRC’s initiatives and projects. 

Mawani is actively carrying out an environmental strategy for the maritime and port sectors. This agreement demonstrates its commitment to sustainability, new technologies, and effective measures to counter marine pollution. 

Additionally, a network of drones will be used to monitor oil spills under a new contract signed in July between Saudi Arabia’s Al Moammar Information Systems, also known as MIS, and SIRC for SR183.8 million ($49 million).   

This maritime emergency monitoring and response center project aims to establish an integrated system of advanced technical solutions, enabling SAIL, a marine company owned by SIRC, to detect early warnings of oil spills in the Arabian Gulf and Red Sea.