BUSINESSWEEK - Saudi Arabia’s state-owned oil company is planning to add more solar power, a move to limit domestic fossil-fuel consumption in the world’s biggest exporter of crude.
“We are looking at solar investments with great interest,” Chief Executive Officer Khalid Al-Falih of Saudi Arabian Oil Co. told a conference in Bahrain.
The comment suggests that authority over renewable energy in the kingdom may be moving toward Aramco, which has for decades managed built up Saudi Arabia’s oil industry and has the expertise to manage giant contracts with Western companies.
To date, the Saudi renewable strategy has been managed by King Abdullah City for Atomic and Renewable Energy, an organization chartered by the government working outside the energy ministry. KaCare officials in May 2012 said the nation was seeking $109 billion to create a solar industry by 2032, though there’s been little evidence of progress since then.