HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, extended his sincere thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the Cabinet's approval of the Petroleum and Petrochemical Law.
Prince Abdulaziz appreciated the support and empowerment the energy ecosystem receives from the leadership, which has enhanced the ecosystem's capacity to effectively utilize the Kingdom's resources and achieve the goals of Saudi Vision 2030. The Minister further emphasized that the law contributes to establishing a robust legislative framework for the energy sector by leveraging the top-tier international practices, as well as improving performance, achieving national objectives, and ensuring the optimal use of petroleum and petrochemical resources.
The new legislation, which replaces the existing Law of Trade in Petroleum Products, aims to regulate petroleum and petrochemical operations to drive economic growth, attract investment, increase employment rate, improve energy efficiency, protect consumers and licensees, ensure product quality, and foster a competitive environment that delivers fair returns for investors.
The new law ensures the security and reliability of petroleum and petrochemical supplies, optimizes raw material use, supports the localization of the sector's value chain, advances national strategies, and strengthens oversight of operations to improve compliance with laws and regulations. It also aims to prevent violations by regulating the use, sale, purchase, transportation, storage, export, import, packaging, and processing of petroleum and petrochemicals, as well as governing the establishment and operation of distribution stations and the management of petrochemical facilities.
