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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 Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
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Saudi Government Calls for Private Sector Involvement to Enhance Vision 2030 Reports

King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)
King Abdullah Financial Center in Riyadh (Asharq Al-Awsat)

The Saudi government has directed greater private sector involvement in shaping the content of Vision 2030 communications and reports, according to sources who spoke to Asharq Al-Awsat. The goal is to amplify the impact of the annual Vision 2030 reports by making them more comprehensive and directly relevant to the business community.

The Strategic Management Office in the Saudi Royal Court has invited private sector stakeholders to review the annual Vision 2030 report to raise awareness of governmental achievements. Businesses are encouraged to provide feedback to ensure that future reports are more impactful and valuable for their audience.

The initiative aims to gather feedback on whether the current report format effectively delivers information relevant to the business sector. It also seeks input on the balance between general achievements and sector-specific details, as well as insights on the report’s accessibility and usefulness to business audiences.

According to the sources, the government is also evaluating the level of transparency in the report, particularly in showcasing progress and achievements. Stakeholders are being asked to suggest areas of focus for future editions to make the reports more comprehensive and relevant to their needs.

Additional proposals include enhancing collaboration between the Vision 2030 communications team and Saudi chambers of commerce to better report on progress and achievements to the private sector. Furthermore, the government is exploring the inclusion of practical success stories from businesses that have played a role in achieving Vision 2030 goals.

Since its inception, Vision 2030 has worked to identify and address challenges facing businesses. Significant reforms have been implemented to remove barriers, ensuring the private sector can fulfill its vital role in driving economic growth.

Efforts have included reforms to streamline the business environment, enhance the quality and efficiency of government services, and digitize processes. Additionally, numerous programs, initiatives, funding platforms, and business incubators and accelerators have been launched to support the private sector.

The Vision 2030 annual report for 2023 highlighted strong program performance, with 87% of the year’s 1,064 initiatives either completed or on track. Among the 243 key performance indicators (KPIs) identified, 81% of third-level KPIs met their targets, while 105 exceeded future targets set for 2024–2025.

The report also noted that non-oil gross domestic product (GDP) reached SAR 1.889 trillion, compared to a baseline of SAR 1.519 trillion. The 2023 target was SAR 1.934 trillion, with the ultimate Vision 2030 target set at SAR 4.97 trillion.

Private sector contributions to GDP increased to 45%, meeting the 2023 target and surpassing the baseline of 40.3%. The long-term Vision 2030 target is 65%.