Saudi Arabia has decided to redefine the tasks of the Ministries of Energy and Industry to eliminate the challenges facing the sector of petrochemicals.
According to official information, the cabinet agreed on Monday that the Ministry of Energy would supervise and regulate the petrochemical production processes in the sector value chain, while the Ministry of Industry and Mineral Resources would supervise the manufacturing industries that depend on petrochemical materials.
Saudi Arabia has also formed a specialized subcommittee of the Supreme Committee for Hydrocarbon Affairs, headed by the Ministry of Industry and Mineral Resources, to synchronize between the availability of petrochemicals and the needs of manufacturing industries, as well as to maintain supply chains.
The subcommittee will also include a number of ministries, the National Center for Industrial Development and the Oil Demand Sustainability Program,
Last year, a royal order was issued stipulating that the Ministry of Industry and Mineral Resources should supervise the petrochemical sector, especially with regard to monitoring programs supporting the industry, issuing licenses, providing related services, and verifying local content and added value.
Saudi Arabia is seeking to develop production in all fields within the framework of promoting the non-oil sector, especially after overcoming the effects and repercussions of the global Covid-19 pandemic.
In this regard, Minister of Commerce and acting Minister of Information, Dr. Majid bin Abdullah Al-Qasabi, said in a press conference on Monday that the Kingdom’s non-oil exports amounted to 255 billion riyals (USD 68 billion) from June 2020 to June 2021 - the highest figure in the country’s history.
