FOR IMMEDIATE RELEASE

March 20, 2018

Saudi Crown Prince visit critical to global energy policy development, USEA chief says

Washington—Today in Washington, Saudi Arabia’s Crown Prince, Mohammad Bin Salman Al Saud, known as MBS, will meet with Trump administration officials, lawmakers and industry executives to help drive Vision 2030, his economic growth plan whose central element involves diversifying the Kingdom’s energy resources and becoming less reliant on oil exports.

During his three-week visit that begins in DC, MBS and his delegation will travel to Boston, New York, Houston, Los Angeles, San Francisco and Seattle to meet with more than 50 companies and hundreds of executives to discuss investment opportunities, innovation and cooperation.

In a statement Monday, USEA Executive Director Barry Worthington said:

“We are thrilled to welcome Saudi Arabia’s Crown Prince to the United States, and as the Kingdom moves to meet the goals of Vision 2030, we look forward to continuing our strong cooperation on energy development.

“USEA has worked with the Kingdom of Saudi Arabia for more than a decade under the U.S. Energy Department-led Carbon Sequestration Leadership Forum (CSLF), a ministerial-level initiative whose goal is to advance global adoption of carbon capture utilization and storage technologies.

“I lead the CSLF stakeholder process and act as a liaison between the U.S. government, energy ministries and industry to help share best practices, advance investment in, and adoption of, clean energy technology.

“We have worked for more than a decade with petrochemical giant, Saudi Basic Industries Corp. (SABIC), which organizes and drives the Mideast effort to expand the use of carbon capture technology under CSLF.

“We want to reduce emissions and manage our energy resources in a responsible way. That doesn’t mean an end to fossil fuels. It means an increase in efficiency, clean energy technology and identifying the right areas for the various types of energy.

“The International Energy Agency expects global energy consumption to increase nearly 30 percent by 2040 with consumption increasing across generation types.

“The Saudi Crown Prince has it right. It’s all about diversity of energy resources that creates energy security and economic prosperity.

“The Crown Prince laid out a plan that includes: reducing the amount of electricity generated by crude oil, fuel oil and diesel fuel, and 10 gigawatts of installed renewable energy by 2023. He plans generate as much as $50 billion of investment in the renewable energy sector to meet that goal.

“To that end, he plans to meet with First Solar, the Arizona-based manufacturer of thin film photovoltaic modules, and provider of utility-scale PV power plants.

“The Crown Prince and his ministers plan to meet with other energy executives about the Kingdom’s plan to build two nuclear reactors by year’s end, and 14 more reactors over the next quarter century.

“Saudi Arabia’s population has grown from 4 million to 31 million over the past 50 years, and it is the primary producer and consumer of electricity among the Gulf states. It also consumes 25 percent of its own crude oil.

“While energy and electricity demand are increasing in the region, oil production is not, and prices are not helping the country raise revenues to meet internal economic growth plans.

“The Crown Prince’s Vision 2030 is a prudent move to increase security for the country and the region, and Saudi Arabia is showing itself to be a leader among all countries trying to secure resources to meet a rising global energy demand, improve energy access and diversify energy resources.

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If you would like to speak with Barry Worthington about this story or other energy issues, please contact Dipka Bhambhani at [email protected] or 202-321-3337.