Oil sustainability program to help Saudi firms expand foreign investments, says official

The oil demand sustainability program will help national companies expand their foreign energy investments to facilitate Saudi Arabia in becoming a leading hub for oil, energy and petrochemicals, Al Eqtisadiah newspaper reported, citing Fahad Alajlan, the program’s director general at the Ministry of Energy, Industry and Mineral Resources.

“The program aims to target all the companies working in the oil, energy and petrochemicals industries in Saudi Arabia,” Alajlan said.

However, in the beginning, the program will focus on big players, including Saudi Basic Industries Corp (SABIC), Saudi Aramco and National Water Company (NWC), he indicated.

The program seeks to integrate the petroleum, refinery as well as the petrochemicals industries, in addition to boosting energy demand in the emerging markets.

“The results of the long-term program will appear after 5 to 10 years and will focus on 3 main energy sub-industries, including transport, chemicals, and facilities,” Alajlan said.

He also mentioned that the program is expanding and will seek to produce more polymeric materials, which includes polymer tiles, glass fiber reinforced plastics, and other new products such as foldable concrete.

Saudi energy minister Prince Abdul Aziz bin Salman announced on Feb. 18 the oil demand sustainability program, that seeks to increase economic and environmental efficiency of oil and gas, Argaam earlier reported.