Energy minister calls for R&D on petrochemicals, renewables

Energy Minister Khalid Al-Falih addresses at the 21st St. Petersburg International Economic Forum (SPIEF) on Friday. (SPA)
Updated 04 June 2017
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Energy minister calls for R&D on petrochemicals, renewables

RIYADH: Khalid Al-Falih, minister of energy, industry and mineral resources, has urged attendees of an economic forum in St. Petersburg, Russia, to invest in research and development of petrochemicals and renewable energy, the Saudi Press Agency (SPA) said.
The minister, who was addressing the 21st St. Petersburg International Economic Forum (SPIEF) on Friday, stressed the key role played by new technologies in speeding up the diversification of energy sources and minimizing the current risks on climate.
Al-Falih joined the session titled “Mechanisms of Global Economy — Hydrocarbon Energy: Will it become a Legacy of the Past or Basics of Development?”
Speakers focused on the importance of commitment to the recent oil production reduction agreement between OPEC and non-OPEC members for another nine months.
The Saudi minister said OPEC and non-OPEC members in the reduction agreement will study the possibility of increasing the reduction rates in their meeting in November.
He ruled out that the global peak on oil demand will occur before 2050.
He also said Saudi Aramco will invest in the production of gas and liquefied natural gas (LNG) at the global level.
The forum speakers also stressed that oil will remain a key energy source in the long term and that it should not be looked at as the sole pollution source. They also emphasized the need to adopt a comprehensive plan to deal with climate change.
Since its launch in 1997, the forum has become a leading global platform for representatives of the business community to meet and discuss the key economic issues facing Russia, emerging markets and the world as a whole.
Over 12,000 participants attended the St. Petersburg International Economic Forum 2016, from 133 countries.


Move to release Saudi prisoners in Taif applauded

Justice minister Walid Al-Samaan has praised King Salman for his directive to release all prisoners in Taif. (SPA)
Updated 27 min 23 sec ago
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Move to release Saudi prisoners in Taif applauded

  • The justice ministry started receiving requests for the implementation of the unified housing lease in the execution courts

TAIF: The Saudi justice minister and chairman of the Supreme Judicial Council, Walid Al-Samaan, has praised King Salman for his directive to release all prisoners in Taif who are insolvent in financial cases and not involved in criminal offenses.
The directive came after a visit by Crown Prince Mohammed bin Salman to the region.
The Justice Ministry aims to study and make suggestions and initiatives that would ensure a high level of performance for the Kingdom’s judiciary.
Separately, the ministry started receiving requests for the implementation of the unified housing lease in the execution courts as an executive bond through the “unified lease contract,” after linking electronically with the Ministry of Housing in July.
The step will contribute to reducing the flow of cases to the general courts, authorities said, adding that the real estate owners can now apply, through the “unified lease agreement,” which is registered in the electronic rental network, directly to the executive courts and departments, through the ministry’s portal, if the tenant does not pay the value of the rent when due.