Kyung-Wook Paik, Vice President of Research at KAIST, said,
"In order to help find solutions to carbon management, KAIST and Saudi Aramco will facilitate to exchange each party's complementary technical expertise, gain insight into new research fields, and have access to key sources of talent, while promoting innovation for technology solutions and contributing to the lifelong learning agenda of both organizations."
Samir Al-Tubayyeb, Vice President of Engineering Services at Saudi Aramco, added that "As a world-leading oil and gas company, Saudi Aramco's mission is to promote the continued use of safe, environmentally-friendly petroleum products with a vision to becoming a global leader in research and technology. Building a strong and cooperative relationship with KAIST in our endeavor to search for alternative ways to better utilization of fossil fuels will expedite the creation of opportunities to make the world environmentally safer and sustainable."
KAIST and Saudi Aramco will each chip in a maximum of USD 5 million annually for the establishment and operation of the Saudi Aramco-KAIST CO2 Management Center during the initial term of the Master Research and Collaboration Agreement, which starts in 2013 and continues through 2018.
|Contact: Lan Yoon|
The Korea Advanced Institute of Science and Technology (KAIST)