Saudi Arabia’s Minister of Energy Abdulaziz bin Salman has stated that the Kingdom is planning to introduce new ways of oil and gas exploitation.
The Kingdom is working under the hydrocarbon demand sustainability program, seeking to replace oil petroleum liquids with solar power.
The program, which is being constantly controlled by the Saudi Crown Prince Mohammed bin Salman, will play a major role in increasing the market for such materials in the future. Its results also boost the gain of the national economy from the value-added resulting from the maximum output of these products, informed Prince Abdulaziz.
In addition, the restructuring plan for the electricity sector will have a positive effect at all levels, as it will rehabilitate the industry in order to adapt better to future projects, such as replacing petroleum liquids with solar and gas energy.
The program will rank among the most strategic milestones given its added value to the national economy and its potential to stop the country’s financial waste.
The Saudi minister further noted that the energy system made strong efforts to rebalance the oil markets, praising the main role of Crown Prince and head of the Higher Committee on Hydrocarbons, in this regard. Prince Mohammed helped the ministry to achieve this objective without any detrimental effects on the public finances and programs of the Kingdom, he added.
Prince Abdulaziz affirmed that the ministry’s programs are closely linked to the involvement of other public and private institutions, noting that such programs will play a positive role in the overall growth of the Kingdom.
“As Saudis, we are not afraid of the challenge. We will take the initiative to provide solutions,” said Prince Abdulaziz, by emphasizing that the National Circular Carbon Economy (CCE) Policy will extend the use of hydrocarbons.