Saudi Arabia to invest SAR 1 trln in clean energy; increase oil, gas supplies: Minister

Minister of Energy Prince Abdulaziz bin Salman

Saudi Arabia plans SAR 1 trillion worth of investments by 2030 to achieve cleaner forms of energy, as well as expand and modernize the power transmission and distribution grid, Minister of Energy Prince Abdulaziz bin Salman, said during the 7th edition of the In-Kingdom Total Value Add (iktva) Forum and Exhibition.

The Kingdom aims to export energy and produce clean hydrogen.

Saudi Arabia is working on increasing oil and gas supplies, as well as doubling its main gas network. Moreover, many projects are under development and on track for full operation.

Prince Abdulaziz revealed that work is underway on oil-to-chemicals facilities, to provide more raw materials for petrochemicals.

Saudi Arabia is determined to be the leading hydrogen exporter. It aims to provide clean hydrogen for local applications in heavy industries, to produce green products, such as green aluminum, fertilizers, etc., at competitive prices.

These steps will enable the construction of industrial centers across the Kingdom, along with the Saudi talents and potentials to serve the regional energy industry among other economic sectors.

On the other hand, Prince Abdulaziz said that increasing localization strengthens the security of energy supplies, enhances supply chain resilience, and reduces economic shock risks.

He concluded that the Ministry of Energy is a driver for all localization programs in partnership with various government and public entities. Energy localization initiatives, such as iktva, and Nusaned enabled many foreign partners to join hands and build more than 200 manufacturing facilities.