Saudi Arabia to form committee to support localization of energy sector soon: Energy Minister

Saudi Minister of Energy Prince Abdulaziz bin Salman

Saudi Arabia will form a special committee to support the localization of the energy sector soon, with the aim of achieving greater coherence and enhance cooperation between the various stakeholders, said Minister of Energy Prince Abdulaziz bin Salman. 

At his speech at iktva 2022 Forum & Exhibition, the minister said the committee will work under the umbrella of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector that is headed by Crown Prince Mohammed bin Salman.

The Kingdom's comprehensive and joint approach contributed to overcoming the challenges of major national projects such as the Energy Efficiency Program, Electricity Sector Solidarity, and the Circular Carbon Economy Initiative.

The same approach will be applied to current projects such as the national program to replace liquid fuels, through which the Kingdom will provide about one million barrels of crude oil per day.

According to data available with Argaam, the minister earlier said the Kingdom seeks to reach a Saudization rate of 75% in the energy sector by 2030, adding that the Crown Prince showed interest in the local content.