Oil giant Saudi Arabia looks to alternative energy
As the Kingdom’s energy demand shoots up
With vast oil reserves that are far from exhausted, Saudi Arabia, facing rising domestic energy demand that could cut into its oil exports, has decided to explore nuclear and renewable energy, Oil Minister Ali al-Naimi said on Monday.
"We have started to take the required steps to utilize several energy sources locally, in particular solar and nuclear energy," he told a conference in Riyadh.
The kingdom has massive proven reserves. In November, Naimi put the figure at 264 billion barrels, and said Saudi Arabia was capable of supplying crude for the next 80 years at current production levels "even if we never found another barrel."