Saudi Energy Minister Prince Abdulaziz bin Salman announced the Kingdom’s strategic plans to increase its production of oil, gas and clean energy.
“We in the Kingdom aim to increase oil and gas production, and we plan to export hydrogen,” said Prince Abdulaziz on the sidelines of the 7th edition of the activities of Iktva 2023 forum in Dhahran.
He revealed that Saudi Arabia is working to increase the gas production by 60%. Work is under way to add 4,000 kilometers to gas lines.
Prince Abdulaziz indicated that the energy laboratory that was launched has an investment value of about $1 billion.
He emphasized that promoting localization strengthens energy supplies, enhances flexibility of supply chains, and reduces risks resulting from economic shocks.
According to Prince Abdulaziz, Saudi Arabia’s Energy Ministry represents a catalyst and engine for the localization program in partnership with various governmental and private entities.
Energy localization programs in the Kingdom have enabled many international partners to cooperate in launching more than 200 manufacturing facilities, he stressed.
Many projects are currently under development and on their way to becoming fully operational, added Prince Abdulaziz.
He highlighted the acceleration of the work of liquids-to-chemicals conversion facilities to increase the raw materials for petrochemicals.
Moreover, Saudi Arabia will invest SAR 1 trillion ($266 billion) to generate “cleaner energy” and add transport lines and distribution networks.
Prince Abdulaziz added that the eventual goal is to export energy to the world and produce clean hydrogen.
In other news, Saudi Aramco signed over 100 deals and MoUs valued at around $7.2 billion at the Iktva forum.
The company also launched Aramco Digital Co. to accelerate its digital transformation efforts.
The Iktva program achieved 63 % local content in 2022, up from 35 % in 2015 when it was initially launched.