Saudi Arabia intends to use its rich oil resources while searching for new areas to use its energy sources, according to its Energy Minister Prince Abdul Aziz bin Salman on Tuesday.
"We will extract oil until the last molecule of carbon," during his speech at Misk Global Forum 2019 in Riyadh.
The world's largest crude oil exporter is highly dependent on oil export for its economy, and oil sales constitute the lion's share of the government revenues.
To diversify its economy and as part of its Vision 2030 plan, the kingdom is preparing to sell a small portion of its crown jewel Saudi Aramco in December with an initial public offering at its domestic stock exchange Tadawul.
Saudi Arabia, in addition, has devised a program to form a new way of using oil and gas that is different from conventional ways, according to the Saudi prince.
He said the program, which will start soon, will be implemented gradually through an executive office.
Unlike other major oil and gas producing countries in western economies, Saudi Arabia has not yet faced much criticism from climate change activists. However, the kingdom aims to focus more on renewables to diversify its energy mix.
With thousands of participants, Misk Global Forum will help Saudi Arabia's wide renewable energy program to find new ways to meet the country’s domestic energy need, and even allow it to export electricity, according to Prince Abdul Aziz.
In line with new plan, the prince said Riyadh's renewable energy program will help the country to produce and export its own electricity, and create employment for thousands of Saudis and non-Saudis.
To further diversify its energy mix, the kingdom is "moving ahead with [its] civil nuclear program," he said.
Saudi Arabia also has electric car projects across the country, but faced hurdles in that area. Yet, the prince reassured that this project is not delayed, and the kingdom is also working on another program to provide cheap transportation for its citizens.
Misk Global Forum was launched Tuesday in Riyadh with the attendance of approximately 5,000 people including 140 leaders and entrepreneurs from more than 120 countries.
Organized by the Center for Initiatives at the Mohammed bin Salman Foundation, the forum aims to explore new trends and ongoing transformations in the business world, build skills the country's economy, and serve the kingdom's future plans.
Saudi Arabia's Vision 2030 plan includes diversifying its economy away from oil resources, focus on renewable and nuclear energy, provide higher employment, introduce more women to business life, and open more Saudi cities to foreign tourists.
By Busranur Begcecanli and Ovunc Kutlu