Posted by - senbookpro -
on - 1 hour ago -
Filed in - Arts & Culture -
-
5 Views -
0 Comments -
0 Likes -
0 Reviews
RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman said Monday that Saudi Arabia is considering plans to increase the capacity of its strategic East-West Pipeline to approximately 10 million barrels per day.Speaking during a ministerial dialogue at the 25th WPC Energy Congress in Riyadh, Prince Abdulaziz emphasized that flexibility, preparedness and diversified export routes are essential to navigating energy crises and maintaining global supply security.The session, titled "Perspectives on Global Oil and Gas Markets," brought together energy ministers from Saudi Arabia, Algeria and Nigeria, alongside OPEC Secretary General Haitham Al Ghais.Prince Abdulaziz said the energy sector had demonstrated considerable resilience in overcoming successive challenges, but described the current crisis as unprecedented in its duration, pointing to the difficulties confronting the industry over the past eight months.He stressed that governments and energy producers must prepare for potential disruptions before they occur, ensuring that alternative infrastructure, operational capabilities and contingency plans are already in place.The minister highlighted the strategic importance of Saudi Arabia's East-West Pipeline, which connects oil production facilities in the Eastern Province with export terminals in Yanbu on the Red Sea, providing an alternative route for Saudi crude exports.He traced the pipeline's origins to an initiative launched under the direction of the late King Fahd in the early 1980s to diversify the Kingdom's export outlets.Its capacity was subsequently expanded to 5 million barrels per day following directives issued in the 1990s.Prince Abdulaziz said further development plans are under consideration to enhance pumping stations, transmission pipelines and associated gas infrastructure, with the aim of raising the pipeline's throughput capacity to around 10 million barrels per day in the coming years.He noted that the East-West Pipeline, the Master Gas System and other major energy infrastructure projects were developed with government funding and support, reflecting decades of investment in national energy security.The minister said these investments had strengthened Saudi Arabia's ability to withstand disruptions, maintain exports and contribute to the stability of international energy markets.Addressing the global energy transition, Prince Abdulaziz called for a balanced approach that takes into account energy security, sustainability, price stability and affordability.He warned that an excessive focus on net-zero targets without sufficient consideration of economic fundamentals and supply security could increase operating costs and expose energy systems to greater risks during emergencies.The minister stressed that the objective should be to pursue energy transition goals while maintaining the flexibility needed to respond to changing market conditions.He also highlighted Saudi Arabia's progress in renewable energy, battery storage and other emerging technologies, saying the Kingdom is achieving record performance and highly competitive costs in these sectors.Prince Abdulaziz said Saudi Arabia intends to continue expanding its energy capabilities to meet future demand, including additional electricity consumption driven by artificial intelligence.During the session, Algeria's Minister of State, Minister of Hydrocarbons and Mines Mohamed Arkab expressed solidarity with Saudi Arabia and strongly condemned the recent attacks against the Kingdom.Arkab reaffirmed Algeria's support for Saudi Arabia under the current circumstances before outlining his country's plans to expand oil and gas production, transportation and refining capacity.He said Algeria is preparing to launch a new exploration and production licensing round in 2026 covering seven promising hydrocarbon areas, as part of efforts to attract international investment.Arkab also highlighted progress on the Trans-Saharan Gas Pipeline, saying feasibility studies had been completed and implementation along the planned route had begun.The project is designed to transport 20 billion cubic meters of natural gas to Europe, with the potential to increase capacity to 30 billion cubic meters.Nigeria's Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, highlighted the strategic partnership between Nigeria and Saudi Arabia and outlined reforms introduced over the past three years to attract investment in exploration and production.Meanwhile, OPEC Secretary General Haitham Al Ghais warned that insufficient investment in oil and gas could threaten future global energy supplies.He said OPEC estimates that approximately $18 trillion in investment will be required across the oil and gas sectors through 2050.Al Ghais praised Saudi Arabia's energy policies and described the East-West Pipeline as an important safeguard for global energy security amid market volatility and rising demand driven by urbanization and artificial intelligence.The 25th WPC Energy Congress, hosted by Saudi Arabia for the first time in its more than 90-year history, runs through October 15 as part of Energy Week in Riyadh.