Ministry of Energy, SABIC sign MoU to support renewable energy projects

28/11/2021 Argaam

Ministry officials and SABIC executives at the signing ceremony


Saudi Arabia’s Ministry of Energy and Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) to develop renewable energy projects.

 

The ministry aims to support the development of the company's renewable energy projects, ensure the readiness of the transmission networks, conduct the necessary preliminary studies, and prepare tenders and awards for such projects, it said in a statement.

 

The ministry focuses on supporting and encouraging the trend towards the utilization of renewable energy in the Kingdom, to achieve the objectives of the Kingdom’s Vision 2030, such as promoting sustainability, preserving the environment and natural resources.

 

This also includes empowering the private sector, enhancing the local content, localizing industries related to this sector, as well as providing more job opportunities in the field of renewable energy locally.

 

Yousef Al-Benyan, Vice Chairman and CEO of SABIC, said the cooperation with the Ministry of Energy is one of SABIC’s main potentials to achieve its net-zero emission strategy, which was announced as part of the Saudi Green Initiative.

 

The cooperation adds a new dimension to the giant oil company's commitment to enabling the development of renewable energy resources as well as implementing the concept of a circular carbon economy in the Kingdom.

 

SABIC will increase its use of renewable energy in the Kingdom to enhance its contribution to reducing greenhouse gas emissions, Al-Benyan concluded.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.