Riyadh – Mubasher: Saudi Arabia would save about SAR 800 billion for the government over the coming 10 years from its energy reforms plan, Reuters cited Finance Minister Mohammed Al Jadaan as saying.
This amount could be utilised for investment. The Kingdom, meanwhile, could save more than $200 billion over the next decade just by replacing liquid fuel used for domestic consumption with gas and renewable energy sources, as the country seeks to cut costs to fund investments.
Saudi Arabia aims to modernise its economy, create jobs, and reduce dependence on oil revenues. "One initiative we're about to finalise is the displacement of liquids," Al Jadaan stated.
He added, "Instead of buying fuel from the international markets at $60 and then selling it at $6 for Saudi utilities, or using some of our quota in OPEC to sell at $6, we’re going to actually displace at least 1 million barrels a day of oil equivalent in the next 10 years and replace it with gas and renewables.”
Saudi Arabia has concluded power purchase agreements with seven new solar projects this month, in a way to optimise the energy mix used for electricity production.
