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Saudi Arabia to Establish 60 Logistic Areas by 2030

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman confirmed that there is vast room for alignment between the Belt and Road Initiative and the Saudi vision, adding that the Kingdom aims to establish 60 logistics areas by 2030.

During his speech at the third forum of the Belt and Road Initiative for International Cooperation in China, the Minister of Energy said that the circumstances imposed by Covid-19 proved the impact of the global economy, supply and value chains and the importance of integrated work between countries.

It further proved the soundness, effectiveness and feasibility of the approaches adopted by China and Saudi Arabia, through the Belt and Road Initiative and Saudi Vision 2030, to enhance interconnection and economic integration in order to build a strong economy capable of facing challenges and recovering from crises.

 

The minister further pointed out that the year 2022 witnessed the conclusion of the comprehensive strategic partnership agreement between Saudi Arabia and China.

The harmonization plan was signed between Saudi Vision 2030 and the Belt and Road Initiative in order to enhance opportunities for cooperation and interconnection between the two countries in all fields.

Unpredictable Oil Market

 

“The oil market cannot be predicted and cannot be left unmonitored,” stressed Prince Abdulaziz bin Salman, affirming the necessity of adopting proactive measures in the market and trying to stabilize it.

 

It is difficult to predict what might happen in the oil market even within a period of 6 months. The need to move in the oil market depends on market volatility, he stressed, adding that the attempt to target specific prices in the 1980s failed.

Saudi Arabia, Russia: Energy Mates

 

He said that the Kingdom and Russia have a special relationship, pointing out that there is a qualitative shift between the two countries in the energy sector. Without this shift, energy prices would not have been maintained in global markets, added the minister.

 

In previous statements, the Saudi Energy Minister had confirmed that the OPEC+ alliance, led by the Kingdom and Russia, only aims to stabilize markets for the benefit of producers, the petroleum industry, and the concept of energy security at the global level.

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