Saudi Arabia Will Export Gas Very Soon: Energy Minister

Saudi Energy Minister Prince Abdul Aziz bin Salman with governor of Saudi Arabia's Eastern Province Prince of Prince Saud bin Naif (SPA)
Saudi Energy Minister Prince Abdul Aziz bin Salman with governor of Saudi Arabia's Eastern Province Prince of Prince Saud bin Naif (SPA)
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Saudi Arabia Will Export Gas Very Soon: Energy Minister

Saudi Energy Minister Prince Abdul Aziz bin Salman with governor of Saudi Arabia's Eastern Province Prince of Prince Saud bin Naif (SPA)
Saudi Energy Minister Prince Abdul Aziz bin Salman with governor of Saudi Arabia's Eastern Province Prince of Prince Saud bin Naif (SPA)

Saudi Arabia plans to export gas very soon and aspires to make an ideal exploitation of hydrocarbons, announced Energy Minister Prince Abdul Aziz bin Salman without specifying the date.

Speaking during the inauguration of SABIC 2020 Conference in Jubail Industrial City, the Minister said that the exploitation of conventional and non-conventional resources from petroleum and gas will create a qualitative change in the field of energy and the national economy in general.

He also announced that Saudi Arabia, particularly Saudi Aramco, will soon make an announcement which will be a source of pride for everyone working in the energy field.

“Soon you will hear about the ability of the Kingdom to be a gas exporter and a petrochemical exporter.”

Prince Abdulaziz pointed out that the Ministry supports the integration between the oil and petrochemical industries, and works with companies to expand their business and increase the production of specialized materials in a way that supports manufacturing industries.

Aramco, SABIC, Sadara, and Petrorabigh are increasing their market share of petrochemicals globally, and this is why Aramco acquired a majority stake in SABIC as a step for the desired integration between the petroleum and petrochemical industries, announced the Minister.

At the conference, the Minister launched the program for the sustainability of oil demand, established under the Higher Committee for Hydrocarbons, chaired by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.

He explained that the program aims to increase the economic and environmental efficiency of traditional and unconventional oil and gas, and focus on innovation and environment-friendly use of various materials.

The Minister explained that the program will be executed by 17 parties including ministries, agencies, companies, and specialized research centers, adding that 52 entities helped prepare it.

He described the program as one of the most important areas to increase the conversion of oil into chemicals given the rapid growth of the petrochemical sector.

The Energy Minister also indicated that demand is growing for oil and gas to produce polymeric materials as an alternative to traditional materials.

The Ministry also focuses on modern and sustainable uses of hydrocarbons in various fields through research, development, increasing economic and environmental efficiency, and rationalizing all forms of energy.

He said a national program would be announced in a couple of months according to an established roadmap, relating to the circular carbon economy in which several authorities will participate including Saudi Aramco and SABIC

The Minister added that the program will be presented as a Saudi initiative for the G20 during its meetings in Riyadh to motivate the rest of the world to adopt this approach.

Prince Abdulaziz confirmed that the Ministry is seeking to find an integrated system for the energy sector in Saudi Arabia to support the targeted transformation in Vision2030.

He said the objective of widening the scope of the ministry’s work is to enable the Kingdom to become a pioneer in all sources of energy needed by the local and global economy in the future.

“The ideal energy mix in the Kingdom necessitates introducing a big percentage of renewable energy in it. If we compare this with the existing focus on raising the percentage of local content, it will catalyze the sector toward more innovations and plastic uses from renewable energy components.”



China's Xi Holds Rare Meeting with Business Leaders amid Slowing Economy, US Tensions

01 February 2025, Indonesia, Bandung: In this photo illustration, China Artificial Intelligence Deepseek Website and logo is displayed on a smartphone with Flag Of China in the background. Photo: Algi Febri Sugita/ZUMA Press Wire/dpa
01 February 2025, Indonesia, Bandung: In this photo illustration, China Artificial Intelligence Deepseek Website and logo is displayed on a smartphone with Flag Of China in the background. Photo: Algi Febri Sugita/ZUMA Press Wire/dpa
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China's Xi Holds Rare Meeting with Business Leaders amid Slowing Economy, US Tensions

01 February 2025, Indonesia, Bandung: In this photo illustration, China Artificial Intelligence Deepseek Website and logo is displayed on a smartphone with Flag Of China in the background. Photo: Algi Febri Sugita/ZUMA Press Wire/dpa
01 February 2025, Indonesia, Bandung: In this photo illustration, China Artificial Intelligence Deepseek Website and logo is displayed on a smartphone with Flag Of China in the background. Photo: Algi Febri Sugita/ZUMA Press Wire/dpa

Chinese President Xi Jinping held a rare meeting on Monday with some of the biggest names in China's technology sector, including Alibaba founder Jack Ma, in what sources previously billed as an effort to boost private-business sentiment.

The meeting highlights a turnaround in Beijing's approach to its tech giants after a regulatory clampdown a few years ago, as well as more recent concerns about a slowdown in economic growth and efforts by the US to stunt its technological development, Reuters reported.

Liang Wenfeng, founder of DeepSeek, a startup that is threatening to upset the technology world order with its AI models, also attended, two sources familiar with the meeting said.
Liang was not pictured in CCTV's video, and DeepSeek did not immediately respond to a Reuters request for comment.
Other private business leaders who attended the symposium included Huawei founder Ren Zhengfei, Xiaomi's Lei Jun, BYD's Wang Chuanfu, Unitree's Wang Xingxing, and CATL's Robin Zeng, a video published by CCTV showed.
The meeting was also attended by Meituan's Wang Xing, China Feihe's Leng Youbin and Will Semiconductor founder Yu Renrong, the video showed.
Tencent's Pony Ma was there too, a source familiar with the matter said, declining to be named as the meeting details were not public. Tencent did not immediately respond to a request for comment.
Xi delivered a speech after listening to representatives of private companies, official news agency Xinhua said. The report did not provide any details about the symposium, held in the Great Hall of the People in Beijing.
Reuters reported on Friday, citing sources, Xi planned to chair a symposium to boost private sector sentiment on Monday that would be attended by the country's business leaders, including Alibaba co-founder Jack Ma.
The symposium would be aimed at boosting private-sector sentiment, and Xi was expected to encourage company chiefs to expand their businesses domestically and internationally amid an intensifying China-US technology war, the sources had said.
Investors on Monday were scouring pictures and footage of the meeting to spot top bosses and trading accordingly, with Baidu shares down more than 8% - the largest loser on the Hang Seng index - after no top executive was spotted.
Founders of Baidu and Bytedance were among the prominent private business leaders in China who did not attend the meeting, two sources familiar with the matter. Neither company immediately responded to requests for comment.
The presence of top executives and companies at these high-profile events are typically seen by foreign investors as a sign of the businesses or individuals that are favored by the government.
ACHIEVING SELF-SUFFICIENCY
The meeting took place against the backdrop of US tariffs threatening to pile more pressure on the world's second-largest economy, which has been reeling from weak domestic consumption and a destabilizing debt crisis in the property sector.
The private business sector contributes more than 50% to China’s tax revenue, more than 60% of its economic output, 70% of tech innovation and 80% of urban employment, according to official estimates.
The meeting also comes as global excitement over DeepSeek's AI platform has spilled over into investor speculation about its potential positive effects on China's broader tech sector, and has triggered calls for an upward repricing of Chinese assets.
Xi has long stressed the need for China to achieve self-sufficiency in semiconductors and wants the country to use AI to drive economic development.
But China's efforts have been hampered by export control measures on chips imposed by Washington which is worried Beijing could use advanced semiconductors to boost its military capabilities.
"It's a tacit acknowledgement that the Chinese government needs private-sector firms for its tech rivalry with the US," said Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong.
"The government has no choice but to support them if it wants to compete with the US."
'POTENTIAL RISKS'
Tech shares in Hong Kong have roared higher in recent weeks on a combination of optimism about the DeepSeek AI breakthrough and a thawing of authorities' approach to internet giants.
The Hang Seng technology index hit a three-year high in morning trade on Monday, having rallied on Friday after Reuters reported Xi was to chair Monday's symposium. It slipped in volatile afternoon trade and was last down 1.3%.
Xi first chaired a high-profile symposium for the private sector in 2018, six years after he came to power. At the time, he pledged tax cuts and a level playing field while reaffirming that private firms would have access to financial backing.
"Despite the rising opportunities in the case of DeepSeek, it is also about guiding the private sector in the government-led direction and containing the potential risks to compete with the US," said Gary Ng, senior economist at Natixis.
"Still, the regulatory environment is the black box. As most AI development happens in the private sector, we cannot entirely rule out the outcome of a tighter-than-market-expected regulatory environment than we see now."
Attendance by Jack Ma, in particular, has the potential to boost business confidence, analysts have said.
The once high-profile entrepreneur largely withdrew from public life after the IPO of his fintech company Ant was halted by authorities in 2020 – a move triggered by a speech he gave that year criticizing China's regulatory system.
His business empire and the wider technology industry were then targeted by a regulatory crackdown, with his time out of the limelight symbolizing a reversal of fortunes for China's private sector.