Saudi Arabia sees US$200bil in savings from energy reforms

“One initiative we’re about to finalise is the displacement of liquids, ” said Finance Minister Mohammed al-Jadaan.(pic) “This programme would represent savings for the government of about 800 billion riyals (US$213.34bil) over the next 10 years which can be utilised for investment.”

DUBAI: Saudi Arabia could save over US$200bil (RM822bil) the next decade by replacing liquid fuel used for domestic consumption with gas and renewable energy sources, the finance minister said, as the kingdom seeks to cut costs to fund investments.

The world’s top oil exporter has embarked on an ambitious reforms programme in recent years to modernise its economy, create jobs, and reduce its dependence on oil revenues.