Prince-minister of Energy: Realizing 75% of Indigenization, in the Sector, by 2030

Prince-minister of Energy Abdulaziz bin Salman bin Abdulaziz reaffirmed that HRH Crown Prince Mohammad bin Salman bin Abdulaziz is keenly interested in the local content, and the Kingdom has a great opportunity to exploit that, and it has ambitions, in the energy sector, to reach 75% of indigenization, by 2030.

Addressing the International Mining Conference, in Riyadh, he remarked that: “We have energy, but what is more valuable than it is the energy of the ambitious young men and women, who make up the Kingdom’s Vision 2030.

The young men and women of the Kingdom are betting on their capabilities and challenging themselves, as the Kingdom’s vision is set to serve them and their children, he added.

With regard to the transformations of the energy sector, he pointed out that: “We must not compromise on energy security for the sake of roaring propaganda campaigns; as the transition to alternative energy sources must be a deliberate and considerate shift, as the other option is that the world will move from worries and concerns about traditional sources to other concerns related to other energy sources are related to the availability of these minerals, he drew attention, explaining that the concentration of their presence and possession, in specific areas of the world.

Then he qualified the question of shifting from an energy security problem, related to oil and conventional sources to another option problem, without any correct methodology or thinking of solutions.

Energy transition must be governed by three main guidelines: Ensuring energy security, economic development and prosperity to help people, in addition to climate change, the Prince-minister highlighted, noting that “the concept of a circular carbon economy enables us to continue producing and exporting hydrocarbons and simultaneously, benefiting from them financially, through manufacturing derived products out of them, with due care taken for their optimal use, and the mitigation of any environmental impacts, resulting from their emissions.