Saudi Arabia seeks to make optimal use of hydrocarbon resources: Energy Minister

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Sunday that the Kingdom is aspiring to make optimal use of its hydrocarbon assets, including traditional and unconventional oil and gas resources, to support its energy sector and boost economic growth.

Speaking at the “SABIC Conference 2020” in Al Jubail, the minister said the establishment of the energy ministry is aimed to develop the country’s energy resources as well as create integrated energy services to enable the economic transformation within the framework of Saudi Vision 2030.

The energy ministry is further expanding its scope to meet the energy requirements of the domestic and global economies in the future, Prince Abdulaziz added.

The minister also stressed that the optimal energy mix in the Kingdom will need high contribution from renewable energy that will increase the utilization of local component, generating more innovations and use of plastics in the renewable energy components.

Meanwhile, Prince Abdulaziz announced the possibility of the Kingdom becoming a gas exporter, adding that a national program will be announced in the next two months relating to the circular carbon economy.

The national program will see the participation of several companies including Saudi Aramco and Saudi Basic Industries Corp. (SABIC), he said.