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Saudi Arabia to Expand Petrochemical Production, Energy Minister Says

Saudi Energy Minister Prince Abdulaziz bin Salman (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman (Reuters)
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Saudi Arabia to Expand Petrochemical Production, Energy Minister Says

Saudi Energy Minister Prince Abdulaziz bin Salman (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman (Reuters)

Saudi Arabia is moving to expand the production of petrochemicals based on Chinese techniques for converting crude oil into petrochemicals, announced Energy Minister Prince Abdulaziz bin Salman on Wednesday.

Speaking at the third forum of the Belt and Road Initiative (BRI) for International Cooperation in Beijing, the Minister said that the COVID-19 pandemic demonstrated its impact on the global economy and on the supply and value chains.

It also showed the importance of complementary work between nations and the safety, effectiveness, and feasibility of the approaches adopted by China and Saudi Arabia through the BRI and Vision 2030.

Prince Abdulaziz explained that 2022 witnessed the conclusion of the comprehensive strategic partnership agreement with China, and the alignment plan between Vision 2030 and the BRI to enhance cooperation and interconnection.

The Kingdom is a significant and reliable oil exporter to China, said the Minister, adding that Saudi Arabia is keen to maintain and enhance this relationship by boosting strategic ties.

Prince Abdulaziz explained that Riyadh and Beijing seek to enhance their cooperation in developing and sustaining supply chains and enabling companies to benefit from current and future infrastructure.

He explained that these efforts further bolster cooperation in several areas, such as the circular carbon economy and its technologies, which can effectively contribute to China’s aspirations to make the BRI a green initiative.

Saudi Arabia is determined to become one of the most important exporters of renewable energy and clean hydrogen to support the diversification of energy sources.

He pointed out that Saudi Arabia aims to become a global logistics center, recalling that by 2030, the Kingdom will have approximately 60 logistics regions to meet the needs of the worldwide supply chain.

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Saudi Arabia Prepares Investment Environment for Food Security with Private Sector Participation

A food store in Saudi Arabia (Asharq Al-Awsat)
A food store in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Prepares Investment Environment for Food Security with Private Sector Participation

A food store in Saudi Arabia (Asharq Al-Awsat)
A food store in Saudi Arabia (Asharq Al-Awsat)

The Saudi government has granted the General Authority for Food Security (GFSA) the authority to expand its revenue sources through investment initiatives and strategic partnerships with the private sector.

The new move is intended to enhance the Authority’s capacity to fulfill its mandate, align with national goals, and operate within regulatory frameworks, while also cultivating a competitive investment environment within the food security sector.

Recently, the Council of Ministers approved the formal organization of the GFSA, further reinforcing its role in safeguarding national interests and ensuring compliance with relevant regulations.

This development follows the Cabinet’s decision in January 2023 to rename the former Grain Silos and Flour Mills Organization as the General Authority for Food Security.

The change aims to unify the efforts of government bodies and the private sector, improve system efficiency, and raise overall performance.

The investment of the Authority’s funds will be jointly managed by the Minister of Environment, Water and Agriculture, who also chairs the GFSA, and the Minister of Finance.

The collaboration ensures the effective use of revenues in a way that supports long-term financial sustainability. Fees for services provided by the Authority will be set in coordination with the Ministry of Finance and the Center for Non-Oil Revenue Development until formal governance procedures are established.

Under the new regulatory structure, the GFSA is authorized to propose and amend laws, policies, and strategies related to food security. It can also recommend updates to the list of strategic commodities in coordination with other relevant bodies.

The Authority is tasked with developing and overseeing emergency response plans and strategic food storage policies. It will also supervise the storage of key food commodities by the private sector, monitor usage and rotation, and take necessary action based on its findings. In addition, it will assess food loss and waste throughout the supply chain and formulate strategies to minimize it, including recycling programs in partnership with other entities.

The GFSA is required to establish electronic links with public and private institutions to access necessary data, and it may enter into agreements related to food security both domestically and internationally. Its funding will come from government allocations, service fees, investment returns, and approved donations, with all revenue managed through accounts coordinated with the Ministry of Finance.