Saudi Arabia key energy supplier for years to come,
says prince
Jul 21, 2010 -- BBC Monitoring
Prince Turki Al-Faisal, Chairman of King Faisal Centre for Research and
Islamic Studies, has confirmed that the Kingdom of Saudi Arabia is the
world's energy supplies safety valve, noting that his country was and
would be a key source of energy supplies for long years and, moreover,
that it would remain committed to provide assistance for developing
energy alternative sources.
In a speech at Oxford Symposium for Energy Studies 2010 at St. Catherine
of the University of Oxford last night, Prince Turki Al-Faisal said the
Kingdom of Saudi Arabia posses 25 per cent of the world proven oil
reserves and is currently producing 8 million bpd with a surplus
productivity of some 4 million bpd, the equivalent of nearly 90 per cent
of the world production.
He expressed belief that this surplus capacity was a result of huge
investments worth billions of US dollars spent by the government of the
Kingdom over the last tens of years to improve the oil infrastructure,
noting that it was a clear evidence of the Kingdom of Saudi Arabia's
interest in world oil market long-term stability.
He said, in the speech titled 'Basic indexes for the Kingdom's energy
policy over the coming decade' that demand for petroleum is surging,
particularly from China and India, confirming that Saudi Arabia is ready
to meet oil demands from any source.
He pointed that the Kingdom is seeking to meet its domestic energy
needs through other alternative energy sources, adding that it meets
about 40 per cent of its energy needs through natural gas and that the
Kingdom is planning to increase that rate to relinquish its energy needs
prior to exporting the surplus of natural gas in the years ahead.
He said that his country is also seeking to benefit from other energy
renewable sources, particularly solar energy, wind energy, and peaceful
nuclear energy, noting that the project of providing a huge power
network dependent on solar and wind-produced energy has received the
approval of current French President Nicholas Sarkozy and former British
Prime Minister Gordon Brown.
Prince Turki Al-Faisal confirmed the Kingdom's recent announcement,
launching King Abdullah City for Atomic and Renewable Energy.
He told the symposium that the Kingdom has recently announced the
building of solar-operated water desalination station in Al-Khafji city,
noting that King Abdullah University for Science and Technology is
taking part in conducting a study on the economic feasibility of using
wind energy in the Kingdom of Saudi Arabia.
The symposium was attended by Prince Mohammed bin Nawaf bin Abdulaziz,
Saudi ambassador to the United Kingdom, a group of experts, specialists
and those interested in the issue of energy and oil studies.
Source: SPA news agency website, Riyadh, in English 0000 gmt 21 Jul 10
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