Local Partner Ventures offer keys to unlock Saudi’s US$222 bn energy market

I was delighted to attend the Energy Exports Conference 2024 earlier this month in Aberdeen which included a series of informative sessions and discussions on carbon capture, offshore wind, hydrogen, and oil and gas. From a Middle East perspective, senior executives from Saudi Aramco and Saudi Arabia’s Ministry of Investment presented opportunities for supply chain businesses to engage with Aramco.

KSA remains one of the most prospective global energy markets in the period to 2030 with US$222bn of energy projects being tracked by the Energy Industries Council (EIC) Datastream.

The petroleum sector has US$131bn of projects on file, dominated by Aramco’s upstream and midstream capex projects and downstream JVs investments.

The power and transmission & distribution sector has US$46bn of projects being tracked, dominated by Saudi Electricity Company (SEC). The power sector is closely linked to the massive desalination investment programme dominated by Saline Water Conversion Corporation (SWCC KSA).

The energy transition sector is powering ahead with US$44.5bn of projects, dominated by ACWA Power’s renewables projects, NEOM’s green hydrogen focus and Aramco’s CCUS plans. Nuclear power may also be on the horizon.

HFI has launched the summer edition of our Saudi Arabia Ventures Initiative (SAVI) eGuidebook which highlights the importance of well-structured local partner ventures as a key aspect of success in the Saudi energy market. The eGuidebook is intended to support our clients and connections and a copy is available from Sally Reeves, sally.reeves@hfi-consulting.com.

It was great to catch up with Stuart Broadley and Ryan McPherson at both the EIC Connect UAE and the Energy Exports Conference, and to be appointed one of the EIC Global Ambassadors. I look forward to supporting the work of the EIC team.