Ministry of Energy, SABIC sign MoU to support renewable energy projects

Ministry officials and SABIC executives at the signing ceremony

Saudi Arabia’s Ministry of Energy and Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) to develop renewable energy projects.

The ministry aims to support the development of the company's renewable energy projects, ensure the readiness of the transmission networks, conduct the necessary preliminary studies, and prepare tenders and awards for such projects, it said in a statement.

The ministry focuses on supporting and encouraging the trend towards the utilization of renewable energy in the Kingdom, to achieve the objectives of the Kingdom’s Vision 2030, such as promoting sustainability, preserving the environment and natural resources.

This also includes empowering the private sector, enhancing the local content, localizing industries related to this sector, as well as providing more job opportunities in the field of renewable energy locally.

Yousef Al-Benyan, Vice Chairman and CEO of SABIC, said the cooperation with the Ministry of Energy is one of SABIC’s main potentials to achieve its net-zero emission strategy, which was announced as part of the Saudi Green Initiative.

The cooperation adds a new dimension to the giant oil company's commitment to enabling the development of renewable energy resources as well as implementing the concept of a circular carbon economy in the Kingdom.

SABIC will increase its use of renewable energy in the Kingdom to enhance its contribution to reducing greenhouse gas emissions, Al-Benyan concluded.