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The market of the world liquefied natural gas (LNG) will become even more competitive in the coming years. Saudi Arabia, the largest oil exporter in the world, now compete to become a leading LNG exporter, joining the ranks of the heavyweight Qatar LNG, Australia and the United States.
The chief executive of the State Saudi Aramco said the company needs & # 39; & # 39 investments; $ 150 billion over the next decade as the company plans to increase production and become an exporter. The company also encourages plans & # 39; gas development to offset domestic oil consumption to provide more oil available for export, said the Reuters report. Saudi Arabia also plans to produce 10 percent of its power from renewable sources in five to six years to come to diversify the mix of its power and freeing crude even oil for & # 39; export purposes .
The kingdom, the leader and de facto OPEC, developing about 30 solar and wind projects targeting 9.5 GW & # 39; renewable energy by 2023, as well as plans to build 17.6 GW & # 39; nuclear capacity by 2032.
Saudi Aramco plans to boost its gas production to 23 billion standard cubic feet (SCF) per day from 14 billion SCF now, its general director Amin Nasser said in & # 39; chemical industry event f & # 39; Dubai. "Our gas program … will attract investments & # 39; about $ 150 billion in the next decade", he said. "We also have gas resources & # 39; unconventional class rapidly supplement our large conventional resources."
"We look to change than just to satisfy our utility industry in the kingdom, it will happen, especially with the addition of & # 39; renewable and nuclear energy as an exporter & # 39; gas products and the gas. " Related: Drives Natural Gas Pivot Ġeotolitiku Arabia
The remarks & # 39; Nasser come just months after Saudi Arabia and Russia indicated interest in the joint development of LNG, including Saudi Arabia joining the massive project & # 39; 2 giant of Russian LNG LNG power & # 39; Novatek. The Arctic LNG plant 2 & # 39; $ 20 billion, which appeared in 2022 or 2023, will be the second liquefied gas project & # 39; Novatek after Yamal LNG, which began late last year the production. The Russian company is also interested in building & # 39; terminal & # 39; gasification in Saudi Arabia, said Russian Energy Minister Alexander Novak in the & # 39; at that time. During the meeting, Saudi Arabia also indicated that it wanted to double its own gas production in the next decade.
Alliance energy policy
Moreover, allegiance growing on oil production between Saudi Arabia and Russia have already changed the global oil markets, replacing the prominence of the oil kingdom oil markets Saudi Arabia with that a & # 39; this new coalition of the two countries. Essentially, what the Saudis could do until the last supply left from 204 to 2016, plays the part of the only global oil producer in the world, now has become a b & # 39; assistance from Russia .
Upfront, this energy and geopolitically important emerging alliance, could also change the LNG markets. For its part, the Russian President Vladimir Putin showed his intention to run against Qatar to become the global LNG exporter. However, Qatar projected to increase capacity & # 39; liquefaction from 77 MTPA to 100 MTPA over the next five years, the goal of & # 39; Putin has little chance of & # 39; success. However, with the help of & # 39; Saudi, both Moscow and Riyadh could still become a major influence in the global LNG market, and b & # 39; thus creating even greater geopolitical influence for both countries, particularly in East Middle.
The problem for the Saudis, however, is that the growing relationship & # 39; & # 39 with Riyadh; Moscow can & # 39; & # 39 be; cost because the relations between the United States and Russia are at their lowest point since the end of the Cold War. Currently, the Saudi gas ambitions, as well as the need to rely on Russia to sway global oil markets, can & # 39; have to be weighed against the relations & # 39; Riad with & # 39; Washington, particularly since the United States is still the largest supplier of & # 39; the kingdom of arms, works with & # 39; check the ambitions & # 39; Iranian eġemoniji in the Middle East, while the fleet & # 39; US still protect Saudi oil of ships passing through the Strait of & # 39; volatile Hormuz and ensure many paths oil shipping in the world.
By Tim dais for Oilprice.com
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