Saudi Arabia's Oil Minister Mulls Energy Price Reforms

Published June 19th, 2017 - 07:00 GMT
Saudi energy minister Khalid Al Falih. (Fayez Nureldine/ AFP)
Saudi energy minister Khalid Al Falih. (Fayez Nureldine/ AFP)

The Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih said the ministry works with the King Abdullah Petroleum Studies and Research Center (KAPSARC) on energy price reform process, as the ministry asks to revise and reevaluate the energy price in order to achieve the financial balancing program 2020.

He assured that the Saudi Council of Economic and Development Affairs works and run this year a speed of 30 years, as the kingdom needs to have more than economic models.

He added that the electrical cars is one of the challenges faced by the energy sector today, and KAPSARC will have the capability to support the kingdom in climate negotiations, G-20 summit, international conference and face all the energy future challenges.

He forecast that in 10 years KAPSARC will become one of the leaders and credibility research center in energy and environment sectors, and will collaborate with all organizations and sectors in the kingdom to establish a successful digital transformation.

He explained that the energy doesn’t mean just oil and gas, but includes technology and techniques of renewable energy, as the center has International Advisory Council who provides all sectors in Saudi Arabia with highly insights and perspective and would hopefully be the fruit of the Kingdom’s first significant center in energy and economic studies.

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