Circular Offtake Proposal
Dammam / Eastern Province — Phase Initial · Registry: registry-dammam-v1
A 30-year Circular Supply Agreement converts eight Eastern Province material streams — led by 120 TPD of Ras Tanura Refinery petcoke ash, Saudi Arabia's highest-vanadium ash source nationally — into a Manufactured Goods Revenue Share returning to the Partner Authority from Year 2 onward, at zero Authority capital deployment. Programmatic commitment: 4 modules, 400 TPD, $220M Carbotura FDI.
CSA Configuration Options
Option A — Standard Election
- Processing Service (Ijarah)
- Authority pays for a defined manufacturing and processing service per ton processed
- Revenue Share (Musharakah)
- Authority receives a share of manufactured goods revenue — commences 13 months after the corresponding Processing Service payment, on a rolling monthly basis
- Capital obligation
- Zero — Carbotura designs, finances, builds, owns, and operates
- Year 2+ position
- Revenue Share exceeds Processing Service fee — generating a net surplus per ton processed
Option B — Sovereign Resource Royalty
- Processing Service Fee
- Zero
- Structure
- Different royalty mechanics — described in the formal Proposal document
- Capital obligation
- Zero
Option B+Exogenesis — Dual Royalty Streams
- Processing Service Fee
- Zero
- Exogenesis eligibility
- Exogenesis eligibility subject to MODON Eastern Province landfill classification — under review
- Capital obligation
- Zero
Option A-IC — In-Country Revenue Participation Saudi-exclusive
- Base structure
- Option A terms, plus in-country premium participation on RevCon™ outputs sold to Saudi institutional buyers
- Target buyers (HIGHEST PRIORITY nationally)
- Saudi Aramco VRFB supply chain (V₂O₅ from Ras Tanura ash — Aramco HQ adjacent) · Ma'aden (Ga, Ni from petcoke ash) · SABIC Eastern Province (Carbon Black) · NEOM OXAGON (Carbon Fiber, Graphene Oxide)
- In-country premium
- Estimated +15% over export reference (ESTIMATED — WARN-04). V₂O₅ to Aramco: highest national strategic priority — Aramco's own waste product to Aramco's own VRFB supply chain
- V₂O₅ status
- WARN-08 — engineering confirmation of petcoke ash configuration required before V₂O₅ included in client figures
- Activation
- Requires ICO anchor buyer LOI — WARN-05
- Capital obligation
- Zero
The Processing Service (Ijarah) and Manufactured Goods Revenue Share (Musharakah) are two independent transactions. They must not be combined, netted, or described as components of a single return.
Strategic Context
The Energy Heartland
Dammam and the Eastern Province host Saudi Arabia's energy infrastructure — Saudi Aramco's global headquarters at Dhahran, the Ras Tanura Refinery and Export Terminal (the world's largest oil export facility), SABIC's Eastern Province petrochemical complex, and the King Abdulaziz Port at Dammam. The Eastern Province generates an estimated 3,486 TPD in industrial waste streams, growing at 8.08% CAGR — the highest growth rate in the Carbotura KSA programme.
The unique structural advantage of the Eastern Province is the Ras Tanura petcoke ash stream: 120 TPD of heavy crude petcoke ash containing the highest vanadium concentration of any ash source in the programme — an estimated 6× the V₂O₅ density of Jubail petcoke and 2× that of Yanbu. This positions Dammam as Saudi Arabia's primary V₂O₅ manufacturing site from circular feedstock.
MODON Authority Framework
MODON (Saudi Authority for Industrial Cities and Technology Zones) administers Dammam's industrial estates. MODON and SIRC are separate legal entities — the CSA counterparty is SIRC (100% PIF subsidiary); the Manufacturing Site Deed counterparty is MODON. Two independent contracts.
Ras Tanura Petcoke Ash — Saudi Arabia's Primary V₂O₅ Site
Saudi Aramco's Ras Tanura Refinery processes heavy, sour crude with among the highest vanadium content of any crude in the world. Vanadium concentrates in petcoke and accumulates further in fly ash when petcoke is combusted. Carbotura recovers V₂O₅ from Ras Tanura ash. V₂O₅ feeds directly into Aramco's Vanadium Redox Flow Battery supply chain for Saudi Arabia's 110 GW renewable energy storage programme. Aramco's own refinery waste → Aramco's own energy storage supply chain — and Aramco's headquarters is 30 km from Ras Tanura.
| Site | Petcoke ash TPD | V₂O₅ relative density | Status |
|---|---|---|---|
| Ras Tanura (Dammam) | 120 | Highest nationally | ESTIMATED WARN-08 |
| YASREF/SAMREF (Yanbu) | 60 | High | ESTIMATED WARN-08 |
| RCJY industrial (Jubail) | 20 | Moderate | ESTIMATED WARN-08 |
WARN-08 — V₂O₅ recovery from petcoke ash requires Carbotura engineering confirmation for high-vanadium feedstock configuration. Vanadium concentration varies by crude source. Site-specific petcoke ash analysis required before committing V₂O₅ volumes in any client-facing document.
SIRC Subsidiary Portfolio Completion
Carbotura processes the residual output of every SIRC subsidiary at the Eastern Province:
- Yadoum MSW → RDF (RC1). Non-RDF fluff = ACM feedstock
- Akam C&D → aggregate (RC1). C&D fluff = ACM feedstock
- ELECTA EoL vehicles → metals (RC1). ASR = ACM feedstock
- GEMS industrial hazardous management. Sludge = ACM feedstock
- SABIC Eastern Province petrochemical operational waste — SABIC/SIRC existing partnership, additive stream
Circular Sukuk Opportunity
The CSA structure is compatible with an Islamic sukuk instrument. The Dammam deployment carries the highest strategic value in the KSA programme for a sukuk structure: V₂O₅ manufactured from Aramco's waste stream, sold to Aramco's VRFB supply chain, constitutes a tangible and strategically critical asset base.
PIF energy heartland alignment: PIF owns SIRC (CSA counterparty). Aramco is 98% owned by the Saudi government / PIF. The same sovereign principal owns the feedstock originator (Aramco petcoke), the CSA counterparty (SIRC), and the primary V₂O₅ buyer (Aramco VRFB chain). This is the tightest integrated PIF position in the programme.
This document does not constitute a Sharia certification or sukuk prospectus. Formal Sharia Board review is recommended prior to CSA execution.
Deployment
Phase Roadmap — 4-Module Programme
BOO Structure & Dual-Counterparty Rule
- SIRC CSA (Saudi Investment Recycling Company) — feedstock supply terms, Processing Service, Manufactured Goods Revenue Share. SIRC is a 100% PIF subsidiary.
- MODON Manufacturing Site Deed (Saudi Authority for Industrial Cities and Technology Zones) — land lease, industrial operating license, infrastructure access. Independent contract.
Ras Tanura petcoke ash requires a separate feedstock agreement with Aramco / RCJY industrial operators — independent of the SIRC CSA. WARN-08 must be resolved before this agreement is executed.
Direct FTE: 47 Phase Initial · 188 Full Programme (4 modules) (ESTIMATED — Subject to Nitaqat compliance; in-Kingdom composition confirmed at Feasibility Study with HRSD)
RevCon™ Output — Phase Initial (100 TPD)
100 TPD · 35,000 tpy · RC3 baseline · 350 operating days. Design-basis estimates. Not an offer. Full 4-module programme: 400 TPD · 140,000 tpy.
Carbon and Organics (from MSW / commercial / ELT / ASR / contaminated)
| Product | RevCon | Annual tpy (Phase Initial) ESTIMATED | Export Ref. $/ton |
|---|---|---|---|
| High-Purity Graphite CRB-008 | RC3 | 1,068 | $6,000–$10,000 |
| Carbon Black CRB-007 | RC2–RC3 | 2,188 | $800–$1,500 |
| Carbon Fiber Precursor CRB-009 | RC4 | 875 | $15,000–$22,000 |
| Graphene Oxide CRB-010 | RC4 | 175 | $60,000–$100,000 |
| Aromatics (BTX) ARM-003–005 | RC3 | 3,589 | $900–$2,000 |
Critical Minerals (from Ras Tanura petcoke ash) WARN-08 — engineering confirmation pending
| Product | RevCon | Stream | Export Ref. |
|---|---|---|---|
| Vanadium Pentoxide V₂O₅ WARN-08 | Outside RevCon Ref. | Ras Tanura petcoke ash | $8–12/kg |
| Nickel | RC2–RC3 MTL-011 | Petcoke ash (co-concentrated with V) | $12–18/kg |
| Gallium metal | RC4 MTL-042 | Petcoke/coal ash | $220–350/kg |
All V₂O₅ volumes TBD pending WARN-08 engineering confirmation. V₂O₅ and associated minerals not included in Option A base case — additive under Option A-IC pending LOI confirmation. All ESTIMATED.
CSA Terms
| CSA counterparty | Saudi Investment Recycling Company (SIRC) — PIF subsidiary LOCKED |
|---|---|
| Site agreement counterparty | Saudi Authority for Industrial Cities and Technology Zones (MODON) — separate entity LOCKED |
| CSA structure | Ijarah (Processing Service) + Musharakah (Revenue Share) |
| Phase Initial volume | 35,000 tpy (100 TPD × 350 days) LOCKED |
| Full programme volume | 140,000 tpy (400 TPD × 350 days · 4 modules) |
| T0 | Q4 2027 ESTIMATED |
| Phase Initial COD | Q2 2030 ESTIMATED |
| Revenue Share lag | 13 months rolling — independent transaction ALWAYS |
| First Revenue Share | ~Q3 2031 DERIVED |
| CSA minimum term | 30 years from Phase Initial COD |
| Continuation | Perpetual unless Non-Renewal Notice (Year 28+, 24-month notice) |
| Capital obligation | Zero LOCKED |
| Carbotura FDI commitment | $55M per 100 TPD module · $220M (SAR 825M) full programme (4 modules) LOCKED |
| PIF alignment | PIF owns SIRC (CSA counterparty). Aramco ~98% Saudi government / PIF. V₂O₅ feedstock originator and primary buyer both Aramco entities |
The CSA Exchange
- Waste streams assigned to Carbotura
- Land + landfill deed transferred to Carbotura
- Tax abatements (MISA + SEZA)
- MAMP prepayment — SIRC pays Carbotura
- $100M USD (SAR 375M)
- $55M USD (SAR 206M) per 100 TPD module
- Circular Royalty Stream
- Exogenesis Royalty — $50 USD (SAR 187.50) per tonne
- Authority capital at risk: $0