Abdulaziz bin Salman: In Saudi Arabia, We Don’t Know the Word ‘Impossible’

Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat
Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat
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Abdulaziz bin Salman: In Saudi Arabia, We Don’t Know the Word ‘Impossible’

Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat
Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat

Saudi Energy Minister Prince Abdulaziz bin Salman stated that Saudi Arabia might be the only country positioned to financially benefit from the global energy transition toward renewables, affirming: “In the Kingdom, we don’t know the word ‘impossible.’”

Speaking at a session on New Energy Economies during the eighth annual Future Investment Initiative in Riyadh on Tuesday, he explained: “We’re building nearly 4,000 kilometers of gas pipelines to supply cities with affordable gas as part of our energy transition strategy. This could potentially triple our chemical production, providing us with valuable liquids and methane gas, which will yield substantial gains for the Kingdom.”

“How many countries worldwide are taking on what we are in terms of energy transition and accelerating the Vision 2030 targets?” he asked, adding: “This country doesn’t know the word ‘impossible.’ Over the last six years, we have achieved significant progress with focus and purpose, using our circular carbon economy approach to direct us to where we intend to go. Our aim is to diversify our economy, create value, strengthen supply chains, and generate jobs—all core to Saudi Arabia’s plans.”

Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation” and shared plans to provide 20 gigawatts of renewable energy annually. He emphasized that the country is proactively identifying suitable sites for renewable energy production and accelerating its shift toward gas.

“Since 2020, we have produced 44 gigawatts of renewable energy—equivalent to about half of the total capacity in the UK and 90% of that in Sweden.” He added that Saudi Arabia will be uniquely positioned to profit financially from the energy transition.

The Kingdom is also working to connect all regions to at least two electricity sources and is expanding pipelines nationwide to ensure industrial cities have a stable gas supply.

Prince Abdulaziz announced agreements and contracts supporting these goals, targeting nine electricity control centers by 2030, up from the current two.

“We have already signed for 26 gigawatts of battery storage, aiming to reach 48 gigawatts by 2030. Some G20 countries haven’t reached these figures,” he remarked.

He also noted ongoing collaborations with the Public Investment Fund (PIF) to launch an optimized carbon market and with Ma’aden to secure critical mineral supplies both domestically and internationally. Referring to the Saudi Green Initiative and Middle East Green Initiative, he noted: “No other country has initiatives like these.”

The minister reaffirmed Saudi Arabia’s commitment to maintaining a crude oil production capacity of at least 12.3 million barrels per day, saying: “We are committed to sustaining this production level, and we take pride in that.”



Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
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Saudi Arabia, Russia, Kazakhstan Stress Importance of Maintaining Balance in Oil Markets

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud attends a closing plenary meeting the COP29 United Nations Climate Change Conference, in Baku Azerbaijan November 24, 2024. (Reuters)

Saudi Arabia, Russia and Kazakhstan stressed on Wednesday the importance of maintaining stability and balance in global oil markets, highlighting the significant role played by the OPEC+ Group in this regard.

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud took part, by phone, in a meeting with Russian Deputy Prime Minister Alexander Novak and Kazakhstan’s Minister of Energy Almasadam Satkaliyev in Astana.

They underlined the importance of cooperation among OPEC+ member countries and full adherence to the agreement, including the voluntary production cuts agreed upon by the eight participating countries, as well as compensating for any excess production.

The Kazakh minister reiterated his country’s full commitment to the agreement, the voluntary production cuts, and compensating for any overproduction, in accordance with the updated schedule submitted to the OPEC Secretariat.