Saudi Arabia is working on a new strategy for the energy sector to be launched within three months, announced Energy Minister Prince Abdulaziz bin Salman during Energy Entrepreneurs Forum organized by Asharqia Chamber of Commerce and Industry in Dammam.
The Minister added that the Ministry aims to link all activities and initiatives within one system.
He explained that the Jafurah field has political, economic, national, and social importance, adding that the numbers on the field capabilities were underestimated.
Saudi Arabia aims to reach 90 percent of production from gas and renewable energy and the Jafurah field will enable the Kingdom to convert the current power stations from oil to gas, which is a rationalization of fuel, announced the Minister.
In his speech, Prince Abdulaziz explained that in order to produce electricity, the country uses 688,000 barrels of liquid fuel instead of internally burning them at a low price that can be exported abroad at international prices.
He said this trend would reduce the cost of producing electricity, and thus gradually lower the tariffs.
Regarding local content, Prince Abdulaziz stressed that it covers security and political aspects by providing needs from within, adding that the main goal is to maximize the benefit of all government or companies' expenditures.
He also discussed the program for the sustainability of oil demand, which was launched earlier this month and executed by 17 parties including ministries, agencies, companies, and specialized research centers.
During the launch of the program established under the Higher Committee for Hydrocarbons, chaired by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, the Minister said this was one of the most important areas to increase the conversion of oil into chemicals given the rapid growth of the petrochemical sector.
