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.”
