Saudi Arabia vows to maintain its position as an oil giant while achieving its renewable energy goals
According to a report at the Future Investment Initiative Summit held in Riyadh, state-owned oil giant Saudi Aramco plans to increase production capacity at its Marjan, Berri, and Zuluf oil fields and increase supply for the Dammam crude oil development project by 2027.
Meanwhile, Saudi Arabia plans to tender a total of 44 gigawatts of renewable energy projects by the end of this year. According to demand growth, the country is expected to have 130 gigawatts of renewable energy projects by 2030.
Even with ambitious plans to promote the development of renewable energy and the power grid, Saudi Arabia has not given up its outstanding position in the global oil market.
Amena Bakr, a senior research analyst at an energy intelligence company, quoted Saudi Energy Minister Prince Abdulaziz Bin Salman as saying at a forum that although the world is moving towards energy transition, various forms of energy are absolutely needed to ensure global energy security.
The most influential Saudi minister in OPEC and OPEC+has stated that Saudi Arabia will continue to monetize its energy resources while addressing climate change.
Earlier this month, Saudi Aramco CEO Amin Nasser called for a so-called reset of transition plans for developing countries, citing the expected strong growth in oil demand from countries in the global South.
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