Saudi Aramco is moving closer to building a giant carbon capture and storage project at its main refining and chemicals hub at Jubail, on the kingdom’s Gulf coast.

Saudi Aramco (ARMCO), oilfield services company SLB (NYSE:SLB) and industrial gases company Linde (LIN) said Wednesday they signed an agreement to build a carbon capture and storage project at its main refining and chemicals hub in Jubail,

Saudi oil giant Aramco, top oilfield services company SLB and Linde, the world's largest industrial gases company, have signed an agreement to build a carbon capture and storage project in Jubail, Saudi Arabia.

Saudi Aramco said that captured carbon dioxide will be transported through pipelines to be stored below ground in a saline aquifer sink.