RIYADH: Saudi Arabia is planning to introduce new ways of oil and gas exploitation, Minister of Energy Prince Abdulaziz bin Salman said, during a ceremony to launch the energy ministry’s new identity today, Jan. 25.
The Kingdom is working under the hydrocarbon demand sustainability program, seeking to replace oil petroleum liquids with solar power.
The program, which receives continuous follow-up by the Saudi Crown Prince, will play a significant role in raising demand for such materials going forward. Its outputs also enhance the national economy’s benefit from the value added resulting from achieving the maximum production of these materials, Prince Abdulaziz explained.
Moreover, the electricity sector restructuring plan will reflect positively on all levels, as it will rehabilitate the industry to better respond to future programs, such as the replacement of petroleum liquids with solar and gas energy.
The program will rank among the most important initiatives, given its value added to the national economy and its ability to stop the country’s financial waste.
The energy system made strong efforts to rebalance oil markets last year, the Saudi minister noted, lauding the key role of Mohammed bin Salman, Crown Prince and head of Higher Committee for Hydrocarbons, in this regard. Prince Mohammed helped the ministry achieve this aim, without any negative impact on the Kingdom’s public finances and programs.
The ministry’s programs are closely linked to the participation of other public and private entities, Prince Abdulaziz affirmed, noting that such programs will play a positive role in comprehensive development.
“As Saudis, we are not afraid of challenge. We will take the initiative to provide solutions,” Prince Abdulaziz said, adding that the Circular Carbon Economy (CCE) National Program will prolong the use of hydrocarbons.