Saudi Arabia plans to establish Maaden subsidiary to secure any required resources: Energy Minister

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman

Energy transition is very 'complicated' and the world needs more flexibility, said Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman.

In his speech at the Future Minerals Forum, held in Riyadh today, Jan. 12, the minister said the Kingdom will establish a subsidiary of Saudi Arabian Mining Co. (Maaden) to secure any required resources abroad.

He added that Saudi Arabia has a large quantity of uranium and will commercially monetize it. 

The country will launch the experimental project for the use of hydrogen in eight locations the next week, and the contracts will be signed.

Saudi Arabia will be a leader on the world's energy map, the minister said, adding that there are talks and cooperation with the Public Investment Fund (PIF) on localization of renewable energy.

"The Kingdom is seriously concentrating on this aspect," the minister noted.

Saudi Arabia can be the cheapest producer of green hydrogen as it has the relevant potentials, the minister said, adding that the energy strategy will be published soon to focus on the circular economy.

The concept of a circular carbon economy adopted by the Kingdom allows it to continue producing, exporting, and financially benefiting from hydrocarbons, as well as manufacturing their derivatives, while ensuring the optimal use of them and mitigating any environmental impacts airing from their emissions, he said.