Riyadh – Mubasher: Saudi Arabia Oil Co, known internationally as Saudi Aramco, is planning to raise gas production in the next ten years, the energy minister said.
The financing of renewable energy projects will be through Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), and the private sector, Khalid Al-Falih added on the sidelines of discussing the 2019 budget.
Earlier on Wednesday, the Saudi minister stated that his nation earmarked around SAR 33 billion for energy, industry, mining, and logistics sectors in the 2019 budget.
On Tuesday, Saudi King Salman bin Abdulaziz said that the 2019 budget is the biggest in the kingdom's history, indicating that “we are determined to go ahead with economic reform, achieving fiscal discipline, improving transparency and empowering private sector.”
The Crown Prince Mohammed bin Salman stated that the government of Saudi expects non-oil revenues to increase to SAR 313 billion in 2019, up from 287 billion riyals in 2018, while public expenses will hit a record high next year.
