Riyadh bravely stated that his suit is even $ 40 per barrel

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Эр-Рияд храбро заявил, что его устроят даже 40 долларов за баррель

Riyadh quite satisfied, even if by 2020 the world oil prices will hover around level 40 dollars per barrel. This statement was made head of the Ministry of Finance Mohammed al-Jadaan, explaining that Saudi Arabia is actively moving towards reducing dependence on oil exports.

“We actually will not care, will be the price by the time 40, 45, 50 or 55 dollars for barrel, — confidently said al-Jadaan in an interview with CNNMoney. — We plan to get rid of this dependence, which lived the last 40-50 years. And I hope that in 2030 I will still, even if oil prices will be equal to zero”.

Recall that about a year ago, Saudi Arabia announced a long-term economic development program called Vision 2030, which involves to rid the country of oil dependence. Its chief inspirer is the crown Prince Mohammed bin Salman.

The Prince finds it necessary to develop the following sectors: manufacturing, tourism, health, education. And here are just the necessary private investment. One of the goals of Vision 2030 — to increase the private share of the economy from 40% to 65%.

In addition, Riyadh is preparing to launch an ambitious program for the development of renewable energy sources (RES). In the next 10 years will be implemented 30 projects in the sectors of solar energy and wind energy, which will cost, in total, 50 billion dollars. As a result, by 2027 Saudi Arabia will produce 10% of its electricity from renewable sources.

However, the Kingdom will retain the current level of oil production until 2020, maintaining the output capacity of 12.5 million barrels per day. You need to create the world’s largest sovereign Fund in the $ 2 trillion that Prince bin Salman believes the success of Vision 2030.

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