Faced with increasing consumer demand, the water and power sector is receiving a $37.5bn injection of state funding in 2014. These projects, chiefly in power generation, will be accompanied by a restructuring of the mostly state-owned power company that accounts for 85% of public supply. Electricity subsidies remain in place, with consumer prices near production costs, making them well below...
Saudi Arabia Energy
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Already the world’s largest oil producer and second-largest repository of reserves, Saudi Arabia is now looking to boost output of natural gas, including through deep-water and unconventional exploration, as well as to increase refining output. Total oil production in 2013 was 11.53m barrels a day, down 1.1% on 2012’s record levels, but still amounting to 13.1% of global output.
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Despite the turmoil in global energy markets, Saudi Arabia moved towards the end of 2014 with its economy having outperformed many in the region.
Economic update | Saudi Arabia powering up
18 Nov 2014
The first wave of state-backed solar power stations in Saudi were recently unveiled as part of a much larger commitment to diversify the Kingdom’s electricity generation capacity.
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
Interviews & Viewpoints | OBG talks to Sultan J Shawli, Deputy Minister for Mineral Resources from The Report: Saudi Arabia 2013
To what extent is rail network development a “game changer” for Saudi Arabia’s mining industry?