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FINANCIAL NEWS
Saudi to spend $80b on power projects by 2018
24 Jan 2011
(MENAFN) Hashim Yamani, President of King Abdullah City for Atomic and Renewable Energy, revealed that Saudi Arabia will invest $80 billion to bolster its power-generation capacity and transmission network within the upcoming decade in order to meet accelerated demand of the world’s largest oil supplier, Bloomberg reported.
According to Yamani, by 2028, energy demand in the kingdom is set to increase to more than 8 million barrels of oil equivalent a day, compared to 3.4 million barrels of oil equivalent a day in 2010.
The major concern is that local consumption may seriously hamper the Kingdom’s ability to meet international demand for oil, thus Saudi Arabia will need to usher in a new energy mix to meet local needs, as well as maintain its leadership role in the changing global energy landscape, Yamani elaborated.
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