Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Saudi Arabia Unveils First Natural Gas Storage Project with Storage Capacity of 2 Bln ft3

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has unveiled the first-ever natural gas storage project in Al-Hawiyah, Unaizah.

With a storage capacity of 2 billion cubic feet, this project is a flagship initiative under the National Industrial Development and Logistics Program (NIDLP), a cornerstone of Saudi Vision 2030.

Key to this vision is Saudi Arabia’s strategic intent to leverage its geographical advantage and natural resources to foster an economy open to foreign investment and ripe for competitive growth.

Alkhorayef - who is also the chairman of NIDLP - noted during the annual celebration of the program in the attendance of several ministers and officials that NIDLP has witnessed the signing of five new renewable energy projects of production capacity up to 6 gigawatts.

He indicated that these projects would produce energy at competitive prices.

The mining sector has witnessed a record revenue surge of more than SAR 1.5 billion ($400 million), under the program’s influence, the minister reiterated.

He further noted that the Kingdom has won the award of the best state in enhancing the legislative and investment environment in mining.

The Saudi minister continued that the program has attained many achievements, the most important of which is the launch of four new economic zones