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Saudi Arabia Joins Global CCS Institute

Saudi Arabia is the latest member to join the Global CCS Institute (SPA)
Saudi Arabia is the latest member to join the Global CCS Institute (SPA)
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Saudi Arabia Joins Global CCS Institute

Saudi Arabia is the latest member to join the Global CCS Institute (SPA)
Saudi Arabia is the latest member to join the Global CCS Institute (SPA)

Saudi Arabia, represented by the Energy Ministry, has become the latest member to join the Global CCS Institute on scaling up carbon capture and storage technology (CCS).

Saudi Arabia reaffirmed its commitment to tackling the climate challenge through collaboration, innovation, and adopting proven technologies.

Saudi Arabia has a diverse portfolio aimed at reducing carbon emissions, including through CCS, with a target to reach net zero by 2060.

Minister of Energy Prince Abdulaziz bin Salman said CCS is a needed technology to drive a low-emission transition across the complex to abate industries.

"In 2022, Saudi Arabia announced plans to develop one of the largest CCS hubs in the world, where 44 million tons of CO2 will be mitigated annually through CCS efforts in the Jubail industrial city by 2035," said the minister.

He indicated that getting ambitious climate projects off the ground will require partnerships and region-specific expertise and knowledge, and being a member of the Global CCS Institute will enhance that further.

The Global CCS Institute said it is keen to work with the Saudi government to provide expertise to drive the accelerated deployment of CCS technology.

CEO of the Global CCS Institute Jarad Daniels stated that Saudi Arabia is putting plans in place to develop large-scale projects that will have the capacity to capture and store millions of tons of CO2 from industry, subsequently being poised to be a CCS leader in the Middle East and North Africa (MENA) region.

"As the country shifts from CCS ambition to CCS action, we look forward to being an active part of that journey," Daniels added.

The Global CCS Institute's diverse membership is over 200 strong, spanning 33 countries, including 13 government members.

Saudi Arabia's Ministry of Energy, leading the government's carbon capture and storage efforts, will work closely with the Institute on CCS capacity building.

Although over 250 CCS facilities are in various stages globally, that number will need to increase by 100-fold for international climate targets to be reached by mid-century.

Saudi Arabia's geological storage capacity makes the country an excellent candidate for CCS deployment and industrial decarbonization efforts.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.