Saudi Arabia eyes 75% localization in energy sector by 2030: Energy Minister

Saudi Minister of Energy Prince Abdulaziz bin Salman

Minister of Energy Prince Abdulaziz bin Salman said that Crown Prince Mohammed bin Salman showed interest in the local content, adding that the Kingdom has huge potential in this regard.

The Kingdom seeks to reach a Saudization rate of 75% in the energy sector by 2030, Prince Salman said on the sidelines of the Future Minerals Forum in Riyadh.

The minister pointed out that the Kingdom has the sources of energy, however, the ambitious youth, who represents key components of Vision 2030, is more valuable.

Prince Abdulaziz indicated that energy security shouldn’t be compromised for any propaganda purposes. The transition to the alternative energy sources should be deliberately studied, or else, the world’s concerns about the traditional energy sources would be transformed into other woes related to these new options with no available solutions.

In his speech at the Future Minerals Forum, held in Riyadh, the minister said yesterday that Saudi Arabia will be a leader on the world's energy map, and there are talks and cooperation with the Public Investment Fund (PIF) on localization of renewable energy, Argaam reported.