Saudi Arabia eyes new methods of oil, gas exploitation
Saudi Arabia is planning to introduce new ways of oil and gas exploitation, Minister of Energy Prince Abdulaziz bin Salman said, during a ceremony to launch the energy ministry’s new identity this week.
The Kingdom is working under the hydrocarbon demand sustainability program, seeking to replace oil petroleum liquids with solar power.
The program, which receives continuous follow-up by the Saudi Crown Prince, will play a significant role in raising demand for such materials going forward. Its outputs also enhance the national economy’s benefit from the value added resulting from achieving the maximum production of these materials, Prince Abdulaziz explained.
The Public Investment Fund (PIF) will act as a key investment driver, Al-Falih added.
The global economy has begun to shift to other energy sources, the minister said, noting that the Kingdom made a strong push towards this transformation through its renewable energy strategy, as Minister of Energy Prince Abdulaziz bin Salman announced ambitious goals to produce 50 percent of renewable energy in the Kingdom.
Al-Falih also noted that the strategies and policies announced by the Kingdom aim to maintain its leadership in energy sector, as it was during the oil era, amid transitioning to global leadership beyond oil amid the current global transformation.
RIYADH: Saudi Arabia is planning to introduce new ways of oil and gas exploitation, Minister of Energy Prince Abdulaziz bin Salman said, during a ceremony to launch the energy ministry’s new identity today, Jan. 25.
The Kingdom is working under the hydrocarbon demand sustainability program, seeking to replace oil petroleum liquids with solar power.
The program, which receives continuous follow-up by the Saudi Crown Prince, will play a significant role in raising demand for such materials going forward. Its outputs also enhance the national economy’s benefit from the value added resulting from achieving the maximum production of these materials, Prince Abdulaziz explained.
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The ‘blue wave’ may have arrived after all
After the elections in November, Wall Street put predictions of a “blue wave” aside. Now, investors are once again reckoning with the possibility that for the next two years, Democrats could control both chambers of Congress and the White House.
What’s happening: CNN projects that Rev. Raphael Warnock will defeat Republican Sen. Kelly Loeffler, while the race between Republican Sen. David Perdue and Democrat Jon Ossoff remains too close to call.
Wall Street, however, is acting like an Ossoff win is likely, as investors scramble to readjust their portfolios. Nasdaq futures were last down 2.2%, while the yield on benchmark 10-year US Treasuries jumped above 1% for the first time since March.