Addressing the 21st St. Petersburg International Economic Forum, Khalid Al-Falih, minister of energy, industry and mineral resources, urged attendees to invest in research and development of renewable energy and petrochemicals.
Al-Falih stressed the central role new technologies play in advancing the diversification of energy sources and minimizing risks to the global climate.
The Minister said that OPEC and non-OPEC members in the recent oil production reduction agreement will study the possibility of increase reduction rates at the meeting scheduled for November. In his remarks, he ruled out the possibility that the global demand for oil will peak before 2050.
In addition, Al-Falih laid out plans of Saudi Aramco to invest in the production of gas and liquefied natural gas at the global level.
A Future Focused On Renewable Energy
Saudi Arabia’s domestic reform plans also include the vision to build up the renewable energy sector capabilities of the Kingdom.
Although Saudi Arabia has an impressive natural potential for solar and wind power, and its local energy consumption will increase three fold by 2030, it still lacks a competitive renewable energy sector at present. To build up the sector, the government has set an initial target of generating 9.5 gigawatts of renewable energy – it will also seek to localize a significant portion of the renewable energy value chain in the Saudi economy, including research and development, and manufacturing, among other stages.
From inputs such as silica and petrochemicals, to the extensive expertise of leading Saudi companies in the production of different forms of energy, the Kingdom has the raw ingredients for success.
Read the full story on Arab News.