RIYADH: Saudi Arabia will not sacrifice energy security for the sake of energy transformation, a leading minister has warned as he talked up the importance of uranium to the Kingdom’s power plans.
Energy minister Prince Abdulaziz bin Salman made the comments at the Future Minerals Forum in Riyadh as he discussed how developing the Kingdom’s mining sector could help with economic and environmental transitions.
Prince Abdulaziz was bullish when it came to the use of nuclear power in the energy mix, telling delegates at the conference: “We have a huge amount of uranium resource, which we would like to exploit and put in the most transparent way.
“We will bring partners and we will be exporting and manufacturing and developing it and we will be commercially monetizing that resource.”
Referring to the drive to move the Kingdom away from its reliance on oil, he said: “We should not forfeit energy security for the sake of a publicity stunts — that transition needs to be well thought.
“Let’s not forfeit energy security for moving away from the classical concern of over-reliance in the Middle East when it comes to oil to different types of energy security challenges which has to do with availability of these minerals and the concentration of the ownerships of those minerals.”
The Future Minerals Forum is a special event bringing together ministers, organisations and mining leaders from more than 30 countries.
Hosted by the Saudi Ministry of Industry and Mineral Resources, is aimed at highlighting the role of mining in Saudi Vision 2030, after the government identified it as the third pillar of the Kingdom’s economy.