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Saudi Energy Minister: We Aim to Boost Oil, Gas Production, Plan to Export Hydrogen

Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)
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Saudi Energy Minister: We Aim to Boost Oil, Gas Production, Plan to Export Hydrogen

Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman announced the Kingdom’s strategic plans to increase its production of oil, gas and clean energy.

“We in the Kingdom aim to increase oil and gas production, and we plan to export hydrogen,” said Prince Abdulaziz on the sidelines of the 7th edition of the activities of Iktva 2023 forum in Dhahran.

He revealed that Saudi Arabia is working to increase the gas production by 60%. Work is under way to add 4,000 kilometers to gas lines.

Prince Abdulaziz indicated that the energy laboratory that was launched has an investment value of about $1 billion.

He emphasized that promoting localization strengthens energy supplies, enhances flexibility of supply chains, and reduces risks resulting from economic shocks.

According to Prince Abdulaziz, Saudi Arabia’s Energy Ministry represents a catalyst and engine for the localization program in partnership with various governmental and private entities.

Energy localization programs in the Kingdom have enabled many international partners to cooperate in launching more than 200 manufacturing facilities, he stressed.

Many projects are currently under development and on their way to becoming fully operational, added Prince Abdulaziz.

He highlighted the acceleration of the work of liquids-to-chemicals conversion facilities to increase the raw materials for petrochemicals.

Moreover, Saudi Arabia will invest SAR 1 trillion ($266 billion) to generate “cleaner energy” and add transport lines and distribution networks.

Prince Abdulaziz added that the eventual goal is to export energy to the world and produce clean hydrogen.

In other news, Saudi Aramco signed over 100 deals and MoUs valued at around $7.2 billion at the Iktva forum.

The company also launched Aramco Digital Co. to accelerate its digital transformation efforts.

The Iktva program achieved 63 % local content in 2022, up from 35 % in 2015 when it was initially launched.

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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)
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Saudi Arabia to Host Regular World Economic Forum Global Meeting

A view of the Saudi capital, Riyadh. (Getty Images)
A view of the Saudi capital, Riyadh. (Getty Images)

Saudi Arabia will host a regular high-level World Economic Forum (WEF) global meeting in Riyadh, with the first slated for the Spring of 2026.

Saudi Minister of Economy and Planning Faisal Alibrahim and WEF President Børge Brende, made the announcement on Friday - the final day of the 55th Annual Meeting of the World Economic Forum in Davos, Switzerland.

The global WEF meeting in Riyadh will serve as a vital platform for global leaders, experts, policy- and decision-makers from diverse fields including the public and private sectors, academia, international organizations, and civil society to convene and address the challenges defining the world.

“Hosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become, and that the World Economic Forum continues to be. This meeting represents a significant opportunity to further unite the world in capturing the immense potential that lies ahead,” said Alibrahim.

“In this critical juncture for the global economy, we are not only inspired by the opportunities before us, but also deeply confident that our collective efforts will forge a brighter, more inclusive and more prosperous future for all. We look forward to welcoming the global community again in Saudi Arabia in the spring of 2026,” he added.

For his part, Brende said: “The World Economic Forum is looking forward to coming back to the Kingdom in 2026. To close the 55th World Economic Forum with this announcement puts us on a strong course for the years ahead. Years that will have immense consequences. Because the progress we make over the coming months will not only deliver results in the near term, but will shape our course for years to come.”

Building on the success of the World Economic Forum Special Meeting held in Riyadh in April 2024, this new development solidifies Saudi Arabia’s position as a central player in shaping the global agenda. The Kingdom’s bold leadership and determination to foster global dialogues between developed and developing economies and drive inclusive global growth make it an ideal host to address complex global challenges with the WEF community.

The World Economic Forum Global Meeting in Riyadh is set to become a cornerstone event in the global calendar, reflecting the Kingdom’s position as a key bridge between the north and south, east and west, and a beacon for constructive dialogue and action.