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The Saudi Ministry of Energy is developing a new strategy for the energy sector. Asharq Al-Awsat newspaper reported. citing Prince Abdulaziz bin Salman. the Minister of Energy.
The new strategy is expected to be launched within 3 months.
It will be put into action to serve as a work program. as part of the ministry’s objective to link all activities and initiatives in one system. Prince Abdulaziz said. The Jafurah field is significantly important on the political. economic. national and social levels. The disclosed figures are below its actual capacity. he added during the main session of the Energy Leaders Forum.
The Kingdom targets to produce 90% of its power mix from gas and renewable energy. The Jafurah field will enable Saudi Arabia’s existing power plants to shift from petroleum products to gas – a move that aims at fuel rationalization.
The Kingdom consumes 688.000 barrels of liquid fuel to generate electricity. and burns it at home at low prices instead of exporting it at global prices.
This tendency will reduce the cost of power generation and cut power consumption tariffs going forward.
Last week. Saudi Arabia`s Crown Prince Mohammed bin Salman directed that the priority of allocating Jafurah field`s production of gas and related liquids shall be given to the local sectors operating in industry. electricity. water desalination. mining. and others in line with Saudi Vision 2030.
