Monday, July 29, 2013

Fracking Raising Concerns in Saudi Arabia

Interesting take on the shale gas revolution.

Prince Alwaleed told Mr Naimi in his open letter, which was dated May 13 this year, that he disagreed with him.
The prince said: "Our country is facing a threat with the continuation of its near-complete reliance on oil, especially as 92% of the budget for this year depends on oil.
"It is necessary to diversify sources of revenue, establish a clear vision for that and start implementing it immediately."
The prince said Saudi Arabia should move ahead with plans for nuclear and solar energy production to cut local consumption of oil.
Saudi Arabia definitely needs to diversify its economy.  

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1 comment:

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