Energy Security crucial for economic prosperity: Minister

Saudi Arabia Energy Minister stresses importance of energy security to achieve prosperity

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, stated that ensuring energy security and pursuing sustainability are vital priorities.

Energy security enables economic prosperity, which in turn allows for greater focus on issues such as climate change, he added in a panel session during the Russian Energy Week Forum.

The unilateral approach advocated by some parties contradicts the realities of the global landscape, adding that the needs of each country differ and that governments are accountable to their people for safeguarding their prosperity. Countries must capitalize on their natural resources and implement efficient energy systems as foundations for economic growth and diversification.

Saudi Arabia is seeking opportunities for cooperation with Russia, highlighting collaboration across 11 sectors and involving more than 27 institutional entities in both countries. This reflects a pattern of sustained and sustainable growth aimed at fostering innovation and long-term prosperity.

Cooperation is expanding across various sectors and innovation initiatives, with a focus on industrial cities in the Kingdom.

Additionally, Saudi Arabia is working with Moscow to advance innovation, sign new memoranda of understanding, and enhance collaboration in power networks and electricity technologies.

The Minister also revealed plans to host a Saudi-Russian Forum with the participation of 100 companies and business leaders, aimed at promoting commercial investments and encouraging private sector engagement.