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FINANCIAL NEWS
Solar and nuclear power development in Saudi Arabia
26 Jan 2011
(MENAFN) Hashim Yamani, president of the King Abdullah Atomic and Renewable Energy City, said that the country plans on decreasing the dependence on fossil fuel and developing a substitute energy mix including atomic and solar sources, reported Tehran Times.
Yamani said that as a result of the increasing local demand, the country’s ability to export oil might be limited.
Yamani stated that solar energy production in commercial quantities is expected to take less time than atomic power, which would require 8 to 10 years.
The president also mentioned that Saudi Arabia is using the help of several countries with its nuclear plans and plans on using a mix of U.S., French, British, Korean and Japanese experience.
It is worth noting that, if current consumption patterns remain persistent, the kingdom would use most of its oil production locally in a period of less than 20 years.
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