On Sunday, Finance Minister of the world’s top oil exporter, Mohammed al-Jadaan, said that the resource-rich Kingdom of Saudi Arabia could save as many as $200 billion in a decade by swapping domestic consumption of liquid fuels with renewable energy and natgas, as the Mideast oil mogul looks to trim spending in order to finance new investments.
In point of fact, latest remark from Saudi Finance Minister al-Jadaan came forth as the world’s leading crude oil exporter has been stepping up efforts on an ambitious economic revamp of the country, which in effect would bottleneck the Kingdom’s dependence on oil revenues.
Aside from that, Saudi’s latest move to contemplate a cost-trimming measure to save a whopping $200 billion over next ten years, comes over the heels of Saudi Crown Prince Mohammed bin Salman’s vigorous push towards his Vision 2030 programme, which would more likely to witness a drawdown in the economy’s long-running dependency on oil revenues by creating mega projects on private sectors expected to generate millions of jobs for Saudi nationals.
Saudi looks to downsize expenses in bids to finance non-oil projects
Meanwhile, as the world’s largest oil exporter has been accelerating a move to modernize the economy by weaning its dependency off black gold, Saudi’s Finance Minister al-Jadaan said on Sunday, “One initiative we’re about to finalise is the displacement of liquids.
This programme would represent savings for the government of about 800 billion riyals ($213.34 billion) over the next 10 years which can be utilized for investment……we’re going to actually displace at least 1 million barrels a day of oil equivalent in the next 10 years and replace it with gas and renewables. ”