Energy Minister: Saudi Arabia will invest trillion riyals to ‎produce “cleaner energy”‎

Prince Abdulaziz bin Salman, Minister of Energy, said that the Kingdom will invest one trillion riyals ($266 billion) to produce cleaner electricity and expand the electricity network.

In a speech to the “Iktva” 2023 forum organized by Saudi Aramco in Dhahran, the Minister of Energy said: “We are offering investments worth more than one trillion riyals ($266 billion) by 2030 to address our plans to achieve cleaner forms of electricity within the Kingdom as well as expand and modernize Electricity Transmission and Distribution Network

He continued: “In terms of hydrogen, we are determined to be the leading exporter in addition to providing clean hydrogen for local uses in heavy industries to produce green products such as green steel, green aluminum, fertilizers and others at competitive prices of clean hydrogen.”

The Minister of Energy stressed the current work to increase oil and gas supplies significantly, and to double the main gas network

He pointed to accelerating the work of liquids-to-chemicals conversion facilities to increase the raw materials for petrochemicals

In another context, Prince Abdulaziz bin Salman said, “Nationalization constitutes our future and the future of the coming Saudi generations,” adding that enhancing localization strengthens the security of energy supplies, enhances the flexibility of supply chains, and reduces risks resulting from economic shocks.

“The Ministry of Energy represents a catalyst and engine for the Emiratisation program, in partnership with various government and private entities,” according to the minister.

The Minister of Energy said: “All these steps will enable us to build industrial centers throughout the Kingdom, with the presence of Saudi talents and ingredients to serve the regional energy industry and other economic systems.”

He added, “I say to our international partners, tell us what you want, and we will achieve it for you.”