Saudi Arabia plans to export gas, petrochemicals in the future: Energy Minister

Saudi Arabia is working to export gas and petrochemicals in the future and will soon make a major announcement on the topic, Energy Minister Prince Abdulaziz bin Salman said on Sunday.

"Soon you will hear about the ability of the Kingdom to be a gas exporter and a petrochemical exporter," Prince Abdulaziz bin Salman said in a televised speech at the opening of the SABIC 2020 conference.

Prince Abdulaziz bin Salman added during his speech at the conference that the exploitation of oil and gas would represent a leap in the Kingdom’s energy industry, especially in renewable resources.

“The ideal energy mix in the Kingdom necessitates introducing a big percentage of renewable energy in it. If we compare this with the existing focus on raising the percentage of local content, it will catalyze the sector toward more innovations and plastic uses from renewable energy components,” the minister said.

Saudi Arabia, the world's biggest crude exporter, plans to produce 70 percent of its power from gas and 30 percent from renewable energy, the Kingdom announced last year.