Riyadh – Mubasher: Saudi Arabia has become the world’s seventh largest natural gas market in 2018 on the back of growing demand on the clean fuel in the kingdom, according to a prospectus issued by Saudi Arabian Oil Company (Saudi Aramco) on Monday.
The kingdom’s natural gas demand is projected to increase at compound annual growth rate (CAGR) of 3.7% between 2017 and 2030, the Saudi oil giant added.
In addition, global demand for natural gas is expected to level up at a CAGR of 1.8% during the period between 2017 and 2030.
Natural gas-fuelled power capacity is forecast to increase at a CAGR of 3.0% from 2017 to 2030, while natural gas-fired power generation will likely witness a CAGR of 3.4% during the same period, Saudi Aramco noted.
In 2030, power generation using natural gas as feedstock is projected to account for about 68.3% of the kingdom’s electricity generation production, compared to 60.5% in 2017, cutting oil’s share to 23.3% from 39.4%.
Demand from the refining and industrial sectors will also partially contribute to growing the natural gas demand in Saudi Arabia at an expected CAGR of 10.2% and 5.3%, respectively, in the period between 2017 and 2030.
