Minister Calls for Localization of Saudi Energy Sector to Ensure Economic Stability

RIYADH: A Saudi Minister emphasized the importance of localizing the energy sector in Saudi Arabia, highlighting its fundamental role in driving economic development. This announcement was made during the opening address of the "2024 Energy Localization Forum" held in Riyadh. According to Kuwait News Agency, Minister of Energy Prince Abdulaziz bin Salman Al-Saud stated that the COVID-19 pandemic underscored the necessity for Saudi Arabia to secure its energy supplies, prompting a focus on localizing the sector. The initiative was spurred by Crown Prince Mohammad bin Salman Al-Saud's directive to identify and address any potential supply chain vulnerabilities. A subsequent examination revealed a significant need for localization within the energy sector. A committee has been established to accelerate the localization process, involving collaboration with 15 entities. The initiative aims to manage the entire production chain, from sourcing raw materials to delivering the final product. The Ministry of Energy is organizing the forum with ARAMCO, Saudi Electricity Company, and SABIC Company as partners. The Energy Localization Forum is designed to bolster Saudi Arabia's leadership in the global energy sector and to ensure the security of world energy supplies in alignment with international demand. The gathering includes government officials, CEOs from Saudi and international private sectors, energy experts, decision-makers, and global companies and investors.