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Saudi-headquartered provider of wells solutions for the energy industry TAQA, also known as Industrialization and Energy Services Company, shared its geographical expansion and carbon capture strategy at EGYPES 2024, Egypt's premier energy event.
Mario Ruscev, Executive Vice President of Products and Technology at TAQA highlighted the company’s leadership in Carbon Capture and Storage (CCS) and its significant investments in geothermal energy during a panel discussion titled ‘Shaping the Future of Energy Innovation.’
He stated: "Carbon capture is not new to TAQA; we have been pioneers in this field for over 20 years and have mastered the technology. TAQA is committed to reducing emissions from the flaring process as part of our unwavering efforts towards sustainability.
Ruscev said the company has technologies for fuel combustion using oxygen (Oxy-fuel), which significantly improves the cost-effectiveness of carbon capture and results in lower emissions of pollutants such as carbon dioxide and carbon monoxide compared to air combustion.
He also touched upon TAQA’s alliance with a leading company in geothermal energy.
In March 2023, TAQA and Reykjavik Geothermal (RG) had signed a joint venture agreement to establish TAQA Geothermal Energy, headquartered in Riyadh.
Hussam Abu Seif, Vice President Africa and Iraq, expressed optimism about Africa's infrastructure and legislative advancements during a panel discussion titled ‘Leveraging Africa's Natural Resources for Global and Domestic Energy Security.’
He underscored Egypt's strategic location and robust infrastructure as reasons for choosing it as a hub for expansion into the Middle East and Africa.
Abu Seif also acknowledged the importance of local content requirements and infrastructure in attracting investments.
Regarding opportunities in East Africa, Abu Seif said: "We are ready to invest and expand in various countries of the continent, but we are mindful of the local content requirements of those countries. Local content and the availability of actual, digital, and legislative infrastructure are among the most important factors that strongly contribute to attracting investors.
(Writing by Eman Hamed; Editing by Anoop Menon)
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