Dubai — Saudi Arabia, the world's largest crude oil exporter, will announce plans to entice investors to its infrastructure, industry & energy projects through the launch of its National Industrial Development and Logistics Program. The program will be announced today in Riyadh at an event hosted by the Kingdom of Saudi Arabia.
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In an 'Investment Opportunity' document viewed by S&P Global Platts, there were details of over 50 projects that are to be showcased for investment.
In energy, those projects include four solar photovoltaic (PV) parks and 300 MW solar power stations in Rabigh and Jeddah. Oil and gas projects were not detailed in the document.
Mining projects were also announced, including a gold exploration prospect for the 24 sq km Hazm Shubat area, a copper exploration prospect for the 28 sq km Al Shizm Belt area, and a zinc exploration prospect in the 28 sq km Ar Ridaniyah area. The prospects require around 450 - 500 SAR in investment for Hazm Shubat, around 300 - 350 SAR for Al Shizm, and around 180 - 250 SAR for Ar Ridaniyah.
Saudi Arabia shipped around 8.235 million b/d of crude in November, according to the latest figures from the Joint Organizations Data Initiative.
The Kingdom has faced pressure to reduce its reliance on crude oil exports and the country's Crown Prince Mohammed bin Salman has sought to lead a diversification strategy to help shore up revenue from other outlets.
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