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Saudi Arabia is going to invest at least $769 billion in energy projects. This was stated by the head of the Ministry of Energy Abdulaziz bin Salman Al Saud, Al-Sharq TV channel reports.

The cost of targeted projects in the energy sector in the kingdom to be implemented until 2030 is about 2.85 trillion Saudi rials ($769 billion), the minister said.

He said it would take an investment of 260 billion riyals ($69 billion) over the next 10 years to implement three-quarters of all projects. In addition, the main projects will require development of at least 100 square kilometers of industrial land. It will also be necessary to create oil supply capacity for the plan to increase production to 13 million barrels per day.

He added that Saudi Arabia's authorities are going to increase storage capacities for oil products in Jubail, Yanbu and Ras al-Khair. It is also planned to establish a new port for supplying oil products in Ras al-Khayr.

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