Aspen Technology and Saudi Aramco to introduce innovative CCU software
(WO) — Aspen Technology, Inc., a global leader in industrial software, announced a partnership with Aramco, one of the world’s leading integrated energy and chemicals companies on Dec. 13. This partnership positions AspenTech to introduce a unique, integrated modeling and optimization solution that will enable capital-intensive industries to achieve practical and economic solutions for carbon capture and utilization (CCU).
It will aim to address the identification of the most promising carbon capture and utilization paths by simultaneously considering economics, process design, 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.
The objectives of the solution will be to allow companies to optimize CCU configurations to determine the optimum balance between emissions and profitability objectives. The solution will also Evaluate the impact of uncertainty in energy costs, carbon fees, and raw material and product costs.
In addition, it will develop short, intermediate, and long-range production and strategic plans that include consideration for optimum CCU options to simultaneously address profitability and sustainability objectives
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.
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. 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.