Saudi Arabia Aspires to Lead Global Entrepreneurship in Green Technologies, Nuclear Energy

Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Global Entrepreneurship Congress (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Global Entrepreneurship Congress (Asharq Al-Awsat)
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Saudi Arabia Aspires to Lead Global Entrepreneurship in Green Technologies, Nuclear Energy

Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Global Entrepreneurship Congress (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman speaking at the Global Entrepreneurship Congress (Asharq Al-Awsat)

The Global Entrepreneurship Congress (GEC) kicked off in Riyadh under the patronage of Crown Prince Mohammed bin Salman, Deputy Prime Minister and Chairman of the Council for Economic and Development Affairs, amid unanimous agreement that Saudi Arabia has become an ideal platform for launching entrepreneurs in all sectors.

During the first day's sessions, speakers indicated Sunday that it was the right time to achieve successes in the entrepreneurship sector in light of the progress achieved by the Kingdom and the vitality of the Saudi economy.

They noted that the economy succeeded in adapting the business to the emerging coronavirus pandemic.

Green Solutions

Saudi Energy Minister Prince Abdulaziz bin Salman said the Kingdom does not seek any support to achieve its climate goals, as the goal in the Middle East is to reduce carbon emissions.

"The world wants to work with the Kingdom to reach technology that serves green solutions," he added.

Addressing GEC, Prince Abdulaziz said the Kingdom has a localization program and supports small and medium enterprises (SMEs), as it does not want them to fail and leave the field.

He announced that work is underway to train Saudi cadres on the Kingdom's nuclear program.

Next Generation

On the Kingdom's support for young entrepreneurs, the Saudi Minister said: "We must not forget that the person who leads Saudi Vision 2030 is a very ambitious young man who does not know the word 'impossible.'"

"As long as we are fortunate with a leader with such qualities, it is obvious that in this country there are large numbers of young women and men with the same ambition, enthusiasm and determination and they are working for their bright future as well as for the future of their country," he said.

The Saudi Energy Minister's work offices and incubators are crowded with a vibrant generation of educated young men and women full of enthusiasm.

Digital Infrastructure

The Governor of the General Authority for Small and Medium Enterprises (Monsha'at), Saleh al-Rasheed, confirmed that Saudi Arabia enjoyed flexibility during the pandemic with entrepreneurs, support, and facilities for the private sector.

"We have a strong digital infrastructure that has contributed to limiting economic damage during the pandemic."

The Kingdom gave innovative companies support worth $900 million, said Rasheed, adding that demand is huge for entertainment, health, and technology.

Saleh also explained that the new generation is enthusiastic and ready to receive modern technology, stressing that the forum is an opportunity to relaunch an economy.

Ecosystems

Founder of Global Entrepreneurship Network Jonathan Ortmans said there is a global revolution in startups with the recovery of entrepreneurship ecosystems and adaptation to the impact of the coronavirus pandemic.

He noted that global entrepreneurial leaders must consider integrating new concerns around ecological and social systems, collective responsibility, and inclusiveness.

Ortmans asserted that regardless of what part of the Kingdom they come from, this is an excellent time for Saudi youth to become entrepreneurs and be part of the global system.

Global Experience

For his part, Apple co-founder Steve Wozniak discussed his experience in global technology, recalling how he started in the business wanting to develop the best and largest technologies for ordinary people to use in their lives.

He highlighted the opportunities in the current era and said that investment nowadays mostly happens through digital channels because we live in a wholly digital world.

Wozniak revealed that he never wanted to start a company, instead, he wished to be an engineer.

Four Days

Global Entrepreneurship Congress (GEC) launched under the theme Reboot, Rethink and Regenerate over four days.

It will address several subjects that seek to increase assistance to entrepreneurs to expand their businesses worldwide, granting them the necessary skills to face crises and enhance the flexibility of doing businesses.

The Congress includes more than 100 discussion sessions with over 150 speakers and in the presence of entrepreneurs, investors, experts, and decision-makers from 180 countries.

Participants will discuss building a unified global system for entrepreneurship, highlighting entrepreneurship, innovation, investment opportunities, and enabling business policymakers to listen to entrepreneurs.

They will also seek to address the challenges they face in a bid to develop more flexible procedures and enhance the ease and continuity of entrepreneurial work.

The Congress also includes an accompanying exhibition at the Ritz-Carlton Hotel and innovation workshops and sections. Several events aim to develop the values of entrepreneurship and innovation among the youth in the world to contribute to sustainable entrepreneur development.

It will also provide an ideal opportunity to comprehend lessons offered by the global pandemic, get acquainted with the best practices in dealing with crises, and preserve the flexibility of commercial activities and their sustainability.



Trump Axes Chevron’s Venezuela Oil License, Citing Lack of Electoral Reforms 

A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)
A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)
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Trump Axes Chevron’s Venezuela Oil License, Citing Lack of Electoral Reforms 

A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)
A sculpture of a hand holding an oil drilling rig is pictured outside the state-run oil company Petroleos de Venezuela S.A. (PDVSA) in Caracas on February 26, 2025. (AFP)

US President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

In a post on Truth Social, Trump said he was "reversing the concessions" of the "oil transaction agreement, dated November 26, 2022."

Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela's oil sector on November 26, 2022. It was the only license the administration issued for Venezuela that day.

"The US government has made a damaging and inexplicable decision by announcing sanctions against the US company Chevron," Venezuelan Vice President Delcy Rodriguez said in a statement posted on Telegram.

She said "these kinds of failed decisions" had prompted migration out of Venezuela.

The White House did not immediately respond to requests for further detail on Trump's comments.

US Secretary of State Marco Rubio later said on X he will provide foreign policy guidance to terminate all Biden-era oil and gas licenses "that have shamefully bankrolled the illegitimate Maduro regime."

It was not immediately clear which, if any, other companies that would affect, but the US State and Treasury Departments have granted a number of licenses and authorizations in recent years, including to foreign firms.

Chevron said it was aware of Trump's post and was considering its implications.

Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country's entire oil output.

Ending the license means Chevron will no longer be able to export Venezuelan crude. And if Venezuela's state oil company PDVSA exports oil previously exported by Chevron, US refineries will be unable to buy it due to US sanctions.

Since his return to office in January, Trump has repeatedly said the US does not need Venezuelan oil and left open the possibility of revoking Chevron's operating license.

During his first term, Trump pursued a "maximum pressure" sanctions policy against Maduro's government, especially targeting Venezuela's energy business.

After initially easing sanctions to encourage fair and democratic elections, Biden in April reinstated broad oil sanctions, saying Maduro failed to keep his electoral promises. But Biden had left the Chevron license intact, along with US authorizations granted to several other foreign oil companies.

Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said. The money has lifted Venezuela's economy, especially its oil-and-banking sectors, which expanded last year.

The government take from oil activities covered by all US licenses, to Chevron and a handful of European companies, is estimated between $2.1 billion and $3.2 billion annually, only considering royalties and taxes, said Jose Ignacio Hernandez from consultancy Aurora Macro Strategies.

US Energy Secretary Chris Wright said on Wednesday after Trump's comments that the US is the world's largest oil producer and "small interruptions from other nations" will not affect global supply.

ELECTORAL CONDITIONS 'NOT BEEN MET'

In early February, Trump said Caracas had agreed to receive all Venezuelan migrants in the United States illegally and provide for their transportation back.

That came a day after US envoy Richard Grenell met with Maduro in Caracas and brought six US detainees back.

Trump said in Wednesday's post Maduro had not met "electoral conditions" and that he was not transporting Venezuelans back to the United States at a pace that had been agreed to.

Trump did not detail what he meant by "electoral conditions." Maduro's last two election wins were both disputed by Washington, with Venezuela's opposition saying it won the July 2024 presidential election by a landslide, an assertion backed by the US and other Western countries.

The cancellation of the license proves Trump is on the side of Venezuelans, opposition leader Maria Corina Machado told Trump's son Donald Trump Jr. during an interview on the latter's video and podcast interview show.

"What you just mentioned is proof for me that President Trump is on the side of the Venezuelan people, of democracy, and prosperity of the US and for Venezuela as well," Machado said, adding the question from Trump Jr. was the first she had heard of his father's decision. "This is exactly the path ahead."

The oil concession agreement would be terminated as of the March 1 option to renew, Trump said.

It was not immediately clear what would happen with cargoes of Venezuelan crude currently navigating to US ports or about to depart from Venezuela through the end of the month.

Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela.

Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions.

When the license was first issued, Chevron was owed about $3 billion by Venezuela. According to the company's debt recovery plan, explained by sources, by the end of 2024 it should have recouped some $1.7 billion as oil output approached an average of 200,000 barrels per day as expected.

Chevron's automatically renewing license allowed it to expand crude output at joint ventures with PDVSA and send some 240,000 bpd to its own refineries and other customers.

Chevron said earlier in February it will lay off up to 20% of its global staff by the end of 2026 as part of an effort to cut costs and simplify the business. Chevron told its employees the company was falling behind competitors and struggled to quickly make decisions.