The Strategist

Saudi Arabia to invest over $769 billion in energy projects

11/24/2022 - 11:57

Energy Minister Abdulaziz bin Salman Al Saud announced on Wednesday that Saudi Arabia will invest more than $769 billion (2.85 trillion riyals) in energy projects.

Chief National Guard Bureau
Chief National Guard Bureau
During the opening ceremony of the new office of the petrochemical company SABIC, he stated: "The cost of targeted projects in the kingdom's energy sector, which are planned to be implemented until 2030, is about 2.85 trillion Saudi riyals. This will require attracting industrial investments in the amount of 260 billion riyals over the next ten years to localize 75% of the components of these projects."

In accordance with the aim to expand oil production in the nation to 13 million barrels per day, the minister noted that the targeted projects will necessitate construction of nearly 100 square kilometers of industrial land in the cities of Jubail, Ras al-Khair, Yanbu, and Jizan.

He added that the Saudi government also intended to build new oil export ports in Ras al-Khair and Jubail as well as to enlarge the ports in Yanbu and Jubail and boost the storage capacity for oil products there.