Saudi Arabia sees strong turnout from French renewable energy firms: Al-Falih

Khalid Al-Falih, Minister of Investment

Saudi Arabia is witnessing a strong turnout from French renewable energy firms willing to invest in the Kingdom, said Khalid Al-Falih, Minister of Investment.

In a statement to Al-Arabiya TV, Al-Falih said that companies like Total, Engie, EDF are working extensively to secure new projects in the Kingdom.

Total plans to open petroleum distribution stations, and charging units (stations) for electric vehicles going forward, the minister said.

This is in addition to Total’s previous investments in one of the largest industrial projects in Jubail, along with Saudi Aramco Total Refining and Petrochemical Co. (SATORP) project and Amiral complex -- with investments exceeding SAR 30 billion.

According to data available with Argaam, the National Renewable Energy Program (NREP), a strategic initiative under Vision 2030 and the King Salman Renewable Energy Initiative, aims to maximize the potential of renewable energy in Saudi Arabia.

The Kingdom seeks to bring its share of both gas and renewable energy to about 50% by 2030, and to substitute gas and renewable energy for around a million barrels of oil equivalent (BOEs) of liquid gas per day.