Aspen Technology and Saudi Aramco Partner to Bring New Carbon Capture & Utilization Software Innovation to Market
14 December 2022 - 1:00AM
Business Wire
Partnership aims to Enable Industry to Make
Rapid Evaluation of Sustainability Options
Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in
industrial software, today announced a partnership with Aramco
(Tadawul:2222), one of the world’s leading integrated energy and
chemicals companies, that positions AspenTech to introduce a
unique, integrated modelling and optimization solution that will
enable capital intensive industries to achieve practical and
economic solutions for Carbon Capture and Utilization (CCU).
The new solution is based on technology developed by Aramco
collaboratively with the Korea Advanced Institute of Science &
Technology (KAIST). Aramco, through its subsidiary Saudi Aramco
Technologies Company (SATC) has licensed the technology to
AspenTech as part of its broader capabilities to optimize carbon
emissions reduction. It will aim to address the identification of
the most promising carbon capture and utilization paths by
simultaneously considering economics, process design and operations
constraints and CO2 reduction. The goal of this innovation is to
enable businesses to make evidence-based decisions in support of
adopting carbon management strategies that optimize and accelerate
sustainable operations.
Dr. Aqil Jamal, Carbon Management Chief Technologist at Aramco’s
Research & Development Center, said, “The advanced and reliable
optimization algorithm developed by Aramco provides a visualized
superstructure interface for users to intuitively develop case
options and cost curves.”
Dr. Bashir Dabbousi, Director of Technology Strategy and
Planning at Aramco added, “Aramco and AspenTech will combine their
strengths to bring together integrated modelling and optimization
to help make informed decisions on carbon strategies and ultimately
to help meet sustainability targets.”
Dr. Vikas Dhole, General Manager, Sustainability at Aspen
Technology said, “Our agreement with Aramco demonstrates the
importance of technology innovators working together to address the
biggest challenges in ensuring a sustainable future. The AspenTech
solution, based on this partnership between AspenTech and Aramco,
will aim to help companies rapidly evaluate potential opportunities
and new innovative solutions that mitigate carbon footprints while
ensuring profitability.”
The objectives of the solution will be to allow companies
to:
- Optimize CCU configurations to determine the optimum balance
between emissions and profitability objectives
- Evaluate the impact of uncertainty in energy costs, carbon
fees, and raw material and product costs
- Develop short, intermediate, and long-range production and
strategic plans that include consideration for optimum CCU options
to simultaneously address profitability and sustainability
objectives
Supporting Resources
- AspenTech Performance Engineering
- AspenTech MSC
- AspenTech SSE
- Aspen Plus
- Aspen Unified
- Sustainability
About Aramco Aramco is a global integrated energy and
chemicals company. We are driven by the core belief that energy is
opportunity. From producing approximately one in every eight
barrels of the world’s oil supply to developing new energy
technologies, our global team is dedicated to creating impact in
all that we do. We focus on making our resources more dependable,
more sustainable and more useful. This helps promote stability and
long-term growth around the world. Find out more at
www.aramco.com
About Saudi Aramco Technologies Company Saudi Aramco
Technologies Company is a wholly owned subsidiary of Saudi Aramco,
a leading global integrated energy and chemicals company driven by
the core belief that energy is an opportunity. Saudi Aramco
Technologies serves as the research arm of Saudi Aramco,
specializing in developing and providing downstream technology
solutions in the refining and petrochemical area.
About Aspen Technology Aspen Technology (NASDAQ:AZPN) is
a global software leader helping industries at the forefront of the
world’s dual challenge meet the increasing demand for resources
from a rapidly growing population in a profitable and sustainable
manner. AspenTech solutions address complex environments where it
is critical to optimize the asset design, operation and maintenance
lifecycle. Through our unique combination of deep domain expertise
and innovation, customers in capital-intensive industries can run
their assets safer, greener, longer and faster to improve their
operational excellence. To learn more, visit AspenTech.com.
© 2022 Aspen Technology, Inc. AspenTech, the Aspen leaf logo,
and Aspen Plus® are trademarks of Aspen Technology, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20221213005179/en/
Media Kate Jones AspenTech +44 (118) 92 26510
kate.jones@aspentech.com
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