Minister: Localization Of Saudi Energy Sector Needed

(MENAFN- Kuwait News Agency (KUNA)) RIYADH, Oct 23 (KUNA) -- There is a need to localize the energy sector in Saudi Arabia due to it being an essential driving force for economic development, said a Saudi Minister on Wednesday.
In the opening speech to the "2024 Energy Localization Forum" in Riyadh, Minister of Energy Prince Abdulaziz bin Salman Al-Saud revealed that the COVID-19 pandemic had pushed Saudis to focus on securing their energy supplies, which in turn required localization of the sector.
He pointed out that Crown Prince Mohammad bin Salman Al-Saud tasked officials to look into ways to fill the gaps that might affect supplies in the energy sector and after studying the matter, it turned out that there was a crucial need to localize the energy sector.
He revealed that a committee, tasked with speeding-up localization in the energy sector, was established in cooperation with 15 entities, adding that there was an intention to localize the process from finding crude material and until the final product.
The Ministry of Energy is organizing the Energy Localization Forum in cooperation with several bodies include ARAMCO, Saudi Electricity Company, and SABIC Company.
The forum aims at reinforcing Saudi pioneering of the global energy sector and security world supplies to keep up with international demands.
Government officials, CEOs of Saudi and international private sectors, energy experts, decision-makers, global companies and investors are taking part in the forum. (end)
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