King Abdullah Petroleum Studies Center holds workshop on oil alternatives

RIYADH: The King Abdullah Petroleum Studies And Research Center has organized an international workshop discussing alternative opportunities for oil in Saudi Arabia.
The workshop by KAPSARC is in line with the Kingdom’s strategy to increase the efficiency of renewable and regular energy projects, enabling it to release oil barrels reserved for domestic consumption.
The workshop presents to participants pivotal visions and key ideas related to concepts and models that can be used to calculate shadow oil prices.
The importance of calculating shadow prices is to know the real cost related domestic prices, taxes and oil export policies.
The workshop held at the center’s conference hall was attended by more than 30 experts in the energy sector from various bodies, including the Ministry of Energy, Industry and Mineral Resources; the GCC Economic and Development Affairs Authority; the Public Investment Fund; the Ministries of Economy, Planning and Finance; the Saudi Arabian Monetary Authority; the World Bank; the National Commercial Bank (Al Ahli); the Economic Cooperation and Development Organization; the International Energy Forum and academics from Rice University, in Texas, United States, and Temple University, Japan.
The workshop is an opportunity to exchange international experiences in this field to clarify opportunities and challenges for decision makers in the region and the world.
A summary of the most important points and recommendations covered during the workshop are published on the center’s website.