Saudi Arabia to increase natural gas production

By Bizclik Editor

Saudi Arabia will be increasing its natural gas production, according to a statement from Energy Minister, Khalid Al-Falih. He also said it will be expanding the gas distribution network, while scaling down its renewable energy targets from 50 percent to 10 percent of electricity supply.

Speaking at a news conference in Jeddah detailing Saudi Arabia’s National Transformation Plan (NTP) he commented: “Gas currently makes up around 50 percent of the energy mix in Saudi Arabia, and we have an ambition to see this grow to 70 percent in the future, either from local sources or from abroad." 

The NTP is a five-year strategy containing targets to be met by each government ministry in order to diversify the country’s economy. The plan will also support Saudi Vision 2030, Prince Mohammed bin Salman’s long-term proposal for reducing dependence on oil revenue.

Generating more domestic power from non-oil sources, like gas and renewables, will leave more crude oil available for export.

Al-Falih claimed that the previous 50 percent renewable target was established as a result of high oil prices.

Follow @BusinessRevME

Read the June 2016 issue of Business Review Middle East magazine

Share

Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy