Gulf Oil and Gas accountACCOUNT

Saudis Plans $50b Renewable Energy Projects to Cut Oil Use

Source: Times of Oman 2/21/2017, Location: Middle East

Share |
Saudi Arabia is kicking off its $50 billion renewable-energy push as the world’s top crude exporter turns to solar and wind power to temper domestic oil use in meeting growing energy demand.

Bidders seeking to qualify to build 700 megawatts of wind and solar power plants should submit documents by March 20, and those selected will be announced by April 10, Saudi Arabia’s energy ministry said on Monday in an e-mailed statement. Qualified bidders will be able to present their offers for the projects starting on April 17 through July.

"This marks the starting point of a long and sustained programme of renewable energy deployment in Saudi Arabia that will not only diversify our power mix but also catalyze economic development,” Khalid Al Falih, the energy minister, said in the statement. The ministry’s Renewable Energy Project Development Office intends to set up "the most attractive, competitive and well executed government renewable energy investment programmes in the world,” he said.

Middle Eastern countries like Saudi Arabia, the United Arab Emirates, Jordan and Morocco are developing renewable energy to either curb their fuel imports or conserve more valuable oil that could otherwise be exported. Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, requiring investment of $30 billion to $50 billion, Al Falih said last month in Abu Dhabi.

Building more solar, wind and nuclear power plants is part of a broader plan that the Kingdom announced in April to diversify away from crude sales as the main source of government income.

The two projects in this round are a 300-megawatt solar facility at Sakaka in the country’s northern Al Jouf province and a 400-megawatt wind plant at Midyan in northwestern Tabuk province, according to the statement.

Renewable Energy News in Saudi Arabia >>

Saudi Arabia >>  11/16/2017 - Saipem has been awarded a new contract in Onshore E&C. Activities involve engineering, procurement, construction and commissioning for the “Hawiyah Ga...
Kuwait >>  11/15/2017 - With a double-digit million euro volume, MAN Diesel & Turbo has won an order for nine compressor trains for the state-owned Kuwait Oil Company (KOC). ...

Saudi Arabia >>  11/14/2017 - Last week, the WTI benchmark rose $2 to more than US$57 per barrel — its highest level since mid-2015. While OPEC and other contributing non-OPEC memb...
Oman >>  11/9/2017 - Tethys Oil will be awarded a new exploration license by the Ministry of Oil and Gas of the Sultanate of Oman. Block 49 is an onshore block that covers...

Saudi Arabia >>  11/9/2017 - Saudi Aramco signed agreements with several oil and gas service contractors for oil and gas megaprojects designed to enhance the company’s energy sust...
United Arab Emirates >>  11/2/2017 - ABB AbilityTM Electrical Distribution Control System delivers key data to shape next-generation solar power for the city. ...

Related Categories: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

Related Articles: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 |

More News

 

Oil & Gas Companies in Saudi Arabia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.