Daejeon, Republic of Korea, February 26, 2013The Korea Advanced Institute of Science and Technology (KAIST) and Saudi Aramco, a global energy and petrochemicals enterprise, signed on February 20th, 2013 the Master Research and Collaboration Agreement (the Agreement) on joint collaborations in research and development of carbon management between the two entities.
The Agreement was subsequently concluded upon the signing of the Memorandum of Understanding (MOU) between KAIST and Saudi Aramco, dated January 7th, 2013. In the Agreement, the two organizations specified terms and conditions necessary to conduct joint research projects and stipulated governing body for the operation of the Saudi Aramco-KAIST CO2 Management Center.
KAIST and Saudi Aramco, a national oil company for Saudi Arabia, entered into the MOU, in which the two parties shared a common interest in addressing the issue of CO2 capture, CO2 storage, CO2 avoidance using efficiency improvements, and converting CO2 into useful chemicals and other materials, and agreed to "create a major research center for CO2" in Korea.
As envisioned by the MOU and its subsequent agreement, KAIST and Saudi Aramco decided to operate an interim office of the Saudi Aramco-KAIST CO2 Management Center at KAIST campus in Daejeon, Korea, pending the establishment of the research center. The full-fledged, independent research facility will be built at a location and during a period to be agreed between the two parties.
Following the signing of the Agreement, there was a celebration event taken place, including a signboard hanging ceremony for the interim research office. A 10-member delegation from Saudi Aramco, which was headed by Vice President of Engineering Services Samir Al-Tubayyeb, Dr. Nam-Pyo Suh, former president of KAIST, Vice President of Research at KAIST Kyung-Wook Paik, and senior representatives from Korean oil and petrochemical companies such as S-Oil, Lotte Chemicals
|Contact: Lan Yoon|
The Korea Advanced Institute of Science and Technology (KAIST)