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Aramco to invest in solar power sector

21 May 2014

(MENAFN) Saudi Arabia’s state-owned oil company Aramco plans to boost solar power production as part of its plan to reduce domestic fossil-fuel consumption in the Kingdom, according to the Daily Star.

Chief Executive Officer Khalid al-Falih of Saudi Arabian Oil Co. said: “We are looking at solar investments with great interest.”

King Abdullah City for Atomic and Renewable Energy announced that the nation plans to invest USD109 billion in producing solar by 2032.

Gasem al-Shaikh, head of energy unit at Saudi Binladin Group, said: “The government solar plan is moving very slow, and we are hearing about it for some time, but it’s not maturing as fast as it should. The country can’t wait. We are burning more liquids every year, and that’s why Saudi Aramco now is taking the lead.”

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