Saudi Minister of Energy: energy supply system was issued to ‎complete legislative system in the sector

Prince Abdulaziz bin Salman bin Abdulaziz raised; Minister of Energy, thanks and gratitude to the Custodian of the Two Holy Mosques; King Salman bin Abdulaziz Al Saud, and Prince Muhammad bin Salman bin Abdulaziz Al Saud; The Crown Prince, Prime Minister, may God protect them both, on the occasion of the Council of Ministers’ approval of the “energy supply system”.

The Minister of Energy appreciated the support and empowerment that the energy system enjoys from the wise leadership, may God support it, in a way that enhances the system’s ability to reach the optimal investment of all the capabilities that the Kingdom enjoys, with the aim of achieving the goals of the Kingdom’s Vision 2030.

He indicated that the “energy supply system” was issued to complete the building of the legislative system in the energy sector, by taking advantage of the best international practices, to enable the existing efforts in restructuring the energy sector, in a way that contributes to raising the level of performance and enhances the achievement of national goals, and ensures optimal uses of energy.

The minister explained that these structural and organizational developments necessitated the development and improvement of the practical reality of the energy sector in accordance with them, and required keeping pace with best practices related to energy allocation and governance procedures, to achieve the highest value for the national economy, reach the goals of the energy mix, and raise levels of energy efficiency. Enhancing localization and raising local content rates, supporting the implementation of the circular carbon economy approach, and enhancing the effectiveness of managing greenhouse gases.

Prince Abdulaziz bin Salman stressed that the “energy supply system” came in response to the need to expand the scope of participation, raise the level of coordination between the relevant authorities, and raise the level of transparency, taking into account the strategic priorities of the various sectors, and the criteria followed in the privatization process, in an effort to modernize Privatization goals and standards on an ongoing basis

It was taken into account in the “energy supply system” when it was prepared, that it is a comprehensive system for all energy products in the Kingdom, and that it aims to regulate the allocation of energy to its consumers working in all fields, and it also includes regulating licenses for natural gas and liquids activities, and activities related to hydrogen.