“Saudi Arabia wants to remain a responsible citizen by supplying the energy that the world needs while it transitions to clean energy production.”
Paddy Padmanathan, Former President and CEO, ACWA Power
The Energy Year Saudi Arabia 2023 portrays a detailed picture of the country’s energy scene under Crown Prince Mohammed bin Salman’s visionary leadership, focusing on the varied efforts undertaken to revolutionise the renewable energy and urban planning industries with projects such as NEOM and The Line.
This edition also spotlights Saudi Arabia’s bullish expansion of its oil and gas sector. Saudi Aramco’s largest-ever capital spending programme is aimed at further increasing its hydrocarbons production capacity and expanding its downstream sector, while localising 70% of the supply chain by empowering domestic enterprises.
“In the Jafurah unconventional gas programme, Saudi Aramco will invest more than USD 100 billion to develop less carbon-intensive natural gas for domestic electricity generation in order to displace traditional crude oil burning as part of the diversification of Saudi Arabia’s energy mix.”
Sheikh Rasheed Al Rushaid, Chairman and CEO, Al Rushaid Group
This edition’s Year Focus chapter on the In-Kingdom Total Value Add initiative details Saudi Arabia’s drive to foster the development of a robust and effective domestic supply network relying on in-kingdom manufacturing. As the country’s private players expand their capabilities, the IKTVA programme’s success is evident in the rise of local procurement spend from 35% in 2015 to 63% in 2022.
Produced in partnership with the Asharqia Chamber, this sixth edition of The Energy Year’s Saudi Arabia series provides insight to potential investors on the government’s efforts to push the energy industry forward, providing a clear picture of the market’s opportunities at a time when oil production is at the centre of geopolitical affairs and the country is driven by its opportunity to take up a key role in the global energy transition.
