To be prepared for decreasing demand for petroleum in the future, the Kingdom of Saudi Arabia is keen on finding alternative energy sources.
At a dialogue session on the National Strategy for Industry, Minister of Energy Prince Abdulaziz bin Salman said the country has a strategy in place to bring gas to several areas, notably the industrial area of Jazan. “Investments will contribute to the establishment of factories so as to benefit from them in localization. When SABIC started, the petrochemical industry was a limited sector, and now we produce 38 million tons in the manufacturing industries, though we benefit only from 6 million tons.”
The demand for petrochemicals has increased by 6%, according to Prince Abdulaziz. In response to questions, he stated that a new program will be implemented that would give factories three years to leverage the present gas rates.
To realize the Saudi Vision 2030, Crown Prince Mohammed bin Salman launched the National Industrial Strategy, focusing on 12 sub-sectors to diversify the kingdom’s industrial economy while identifying over 800 investment opportunities worth over $266 billion.
The strategy aims to accomplish an industrial economy that attracts investments, which contributes to achieving economic diversification and developing the domestic product and non-oil exports. The plan involves increasing exports of advanced technology products by about six times, in addition to creating tens of thousands of quality jobs of high value.
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