PEDCO, Aramco in Bed with COF and SNT19 Jan 2026 09:59
The £70 million investment (specifically valued at approx. $72.2 million or 100 billion won) is a cornerstone deal involving PEDCO (Petroleum Environmental Development Company), a major energy firm from Saudi Arabia and the UAE, and the South Korean company City Oil Field (COF).
This investment is the "missing piece" that allows Sabien Technology (SNT) to finalize its own strategic partnership with COF.
1. What is the £70m for?
The investment from PEDCO is designed to take COF’s "Wave" technology—a low-temperature, non-combustion method of turning waste plastic into high-grade oil—global.
Commercial Scale: The funds are being used to accelerate the construction of new commercial-scale plants, following the successful launch of the Jeongeup plant in Korea.
Global Expansion: PEDCO has secured exclusive rights to commercialize this technology in Saudi Arabia, the UAE, Australia, and New Zealand.
This deal is part of a broader move by Middle Eastern energy giants (like PEDCO, which works with Aramco and ADNOC) to pivot toward "circular economy" and green energy technologies.