RIYADH: The Kingdom of Saudi Arabia’s (KSA) Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has outlined the Kingdom’s ambitious plans to reshape its energy sector, the Saudi Press Agency (SPA) reported. The goal is to maximize the value of its resources, create jobs and diversify the economy, the SPA added.
During his speech at the Future Investment Initiative (FII) conference, Prince Abdulaziz bin Salman bin Abdulaziz has highlighted the Kingdom of Saudi Arabia’s (KSA) decades-long commitment to energy development. This includes key investments in natural-gas sector development and carbon sequestration, which have led to the establishment of industrial cities, major petrochemical industries, and the global giant SABIC. The Kingdom has also transitioned from liquid fuels to natural gas for power generation and seawater desalination, the SPA added.
The Kingdom of Saudi Arabia (KSA) is poised to become a global hydrogen production as well as export leader. The minister has also emphasized the nation’s substantial hydrogen export capacity and its role in the corridor project, which aims to supply clean electricity as well as green hydrogen to the global market.
The minister has also discussed the Kingdom of Saudi Arabia’s (KSA) pioneering energy efficiency initiatives, which have yielded key results in a relatively short time, the SPA added. The National Renewable Energy Program (NREP) has also seen remarkable progress, with the country achieving 44 gigawatts of renewable energy capacity and aiming for an additional twenty gigawatts this year. A massive geographical survey is also underway to identify renewable energy sites, and significant investments are being made in gas-based power generation and carbon capture technologies, the SPA added. The Kingdom of Saudi Arabia (KSA) also is expanding its electricity transmission as well as distribution networks to ensure reliable and sustainable energy supply across the nation, the SPA further reported.
