09/03/2010
The Kingdom vision supports the stability of oil prices without excessive upward or downward.
Assistant Minister of Petroleum and Mineral Resources, Prince Abdulaziz bin Salman,said that the signs of the the global economy recovery from financial crisis appear to be genuine, and indicates that the image is not as bleak as it was perceived by many.
Responding to the "AlWatan" question about the factors supporting the current rise in oil prices, whether it was the result of real demand or speculation? Prince Abdulaziz said: "We hope to continue recovery process and restore the confidence in the global economy."
The Assistant Minister of Petroleum, who was speaking to reporters on the sidelines of the Forum and the International Environment exhibition and Gulf Sustainable Development in Jeddah yesterday, that the Kingdom believes that the demand for energy during the next four decades will be further boosted by the growth of the global economy and growing energy consumption.
He added that what the world demands of energy and fuel needs all efforts, whether oil or coal or other types of energy including renewable energy, stressing that the Kingdom is seeking to develop this energy, particularly solar energy, which is based on this in the King Abdulaziz University there are studies and activities related to solar At the University of King Abdullah is the largest solar power plants in the world.
He also pointed out to the solar energy, that there are some projects implemented by the Ministry of Electricity and the General Organization for Water Desalination rely on solar power is also ample scope to the presence of attractive opportunities for investment, noting that the Kingdom have the capacity and competencies to develop these technologies, including consistent and compatible with local conditions.
Concerning the right uses of nuclear energy in Saudi Arabia, Prince Abdulaziz bin Salman noted that the right uses of nuclear energy in Saudi Arabia and the Gulf countries is a considering subject among the GCC countries, "adding that" there is a plan of action with regard to the Gulf to environmental conservation system . There is an active gulf system through the Cooperation Council which carries out this work.
The Assistant Minister of Petroleum refused to comment on the Kingdom vision in the "OPEC" next meeting the reorganization of the quotas, said in response to a reporter's question "we cannot comment on what the" OPEC" actions in this regard."
He said, what it must be emphasized, "is that the Kingdom led by the Custodian of the Two Holy Mosques still seeking to stabilize oil prices, because this is meant to develop a real genuine fears that the Kingdom is always volatility in prices, either in an over-height or over-reduction.
He pointed out that the Kingdom through the Energy Forum which will be held in Mexico will provide recommendations to support the dialogue between producers and consumers in the International Energy Forum, which called for the composition, founded by the King, which was approved with about 50 countries and will be approved at the ministerial meeting. "concerning the other side, it is to how to deal with price volatility, which has adopted a program of work more than 50 countries also with" OPEC "and the International Energy Forum along with the International Energy Agency, that the program will be useful to this work will support and assist in reaching solutions or provide proposals are limited by the fluctuation of market prices as much as possible.
