Saudi Arabia sees over $200 billion in savings from energy reforms plan: FinMin

Saudi Arabia could save over $200 billion over the next decade by replacing liquid fuel used for domestic consumption with gas and renewable energy sources, the finance minister said, as the kingdom seeks to cut costs to fund investments.

The world’s top oil exporter has embarked on an ambitious reforms programme in recent years to modernize its economy, create jobs, and reduce its dependence on oil revenues.

“One initiative we’re about to finalise is the displacement of liquids,” said Finance Minister Mohammed al-Jadaan.

“This programme would represent savings for the government of about 800 billion riyals ($213.34 billion) over the next 10 years which can be utilized for investment.”