The Kingdom of Saudi Arabia has allocated about 72 billion riyals ($19.2 billion) to implement and develop economic projects over the next year, including projects in the renewable energy sector, electrical interconnection with other countries, and the conversion of oil into petrochemicals, Al Sharq TV reported.
Renewable energy
The Kingdom aims to develop and launch 10 renewable energy projects with a capacity of 7 gigawatts, during the next year 2023, according to the detailed data of the Kingdom’s general budget.
The Kingdom allocated 72 billion riyals in the 2023 budget for the economic resources sector, which includes infrastructure for the environment, water and agriculture, desalinated water production and sanitation, energy sources and mineral resources, in addition to developing the tourism and investment environment, developing industry and exports, supporting small and medium enterprises and state real estate, and enhancing local content and financial planning. and economic.
Oil refining
The energy sector’s objectives also include implementing the national petrochemical strategy to convert 4 million barrels per day of petroleum and gas liquids into petrochemicals inside and outside the Kingdom.
The head of Saudi Aramco and its chief executive officer, Amin Al-Nasser, had said in previous statements that the company has a strategy aimed at converting up to 4 million barrels per day of liquids into chemicals by 2030, supported by technical investments.
The Kingdom also intends to enhance electrical interconnection with countries and trade exchange of electricity to maximize benefit from the Kingdom’s strategic location as a global center for interconnection and energy export.
