Saudi Arabia To Invest About $769Bln In Energy Projects - Energy Minister

DOHA (UrduPoint News / Sputnik - 24th November, 2022) Saudi Arabia will invest some 2.85 trillion Saudi Riyals ($769 billion) in energy projects until 2030, Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Wednesday.

"The cost of the planned projects in the kingdom's energy sector, which are planned to be implemented by 2030, is about 2.85 trillion Saudi riyals, which will require attracting industrial investments worth 260 billion riyals over the next ten years to localize 75% of the components of these projects," the minister told the opening ceremony of a new office of Saudi oil company SABIC, as quoted by the Asharq news broadcaster.

He added that the projects will require the development of some 100 square kilometers (38 square miles) of industrial land in the cities of Jubail, Yanbu, Ras Al-Khair, and Jizan, as well as the construction of new oil export facilities in Ras al-Khair to increase the country's oil production to planned 13 million barrels per day.

The minister also said that the Saudi authorities are planning to increase oil storage capacities in Jubail, Yanbu, and Ras Al-Khair, expand the existing ports in Jubail and Yanbu, and open a new port for oil exports in Ras Al-Khair.