Saudi potential for renewable energy 'huge' - Siemens CEO

The CEO of Siemens has said the potential for renewable energy projects in Saudi Arabia is huge, while declining to comment on whether the company would help Middle Eastern countries with their nuclear power ambitions.

“Projects with renewable energies have a huge potential in Saudi. The country has very large areas which would be suitable for wind or solar power due to its geographical position – investments which would pay off very quickly,” Peter Löscher told Arabian Business in an interview.

Switching to an energy mix with a significant share of renewables would allow Saudi to retain its oil reserves for a longer period of time, the global head of the German conglomerate added.

Earlier this month, Siemens was one of 12 major European companies to sign a declaration of intent to build a series of solar thermal power plants in the Sahara desert that would supply Europe with up to 20 percent of its energy by 2050.

The project, called Desertec, would require an investment of around EUR400bn.

Löscher declined to comment on whether Siemens had plans to help the UAE, or any other Middle Eastern countries, with their nuclear power ambitions.

The company is currently embroiled in a bitter dispute with France’s Areva to exit the two companies’ EUR2bn joint venture in nuclear reactors.

In March it announced a deal with Rosatom, the Russian state owned nuclear group, to create another joint venture.

“The talks with both companies are ongoing, so…I cannot comment on any questions related to those business activities,” he said.

“But one thing is clear: In the future there is a huge potential for such kind of business.”

The French economy minister said in June that Areva was to hold talks with Kuwaiti authorities over its nuclear power plans.

The US government last year signed civil nuclear power deals with Saudi Arabia and the UAE.

Emirates Nuclear Energy Corporation (ENEC), the body responsible for implementing the UAE’s $41bn nuclear programme, wants to build three nuclear reactors, the first of which would come on stream by 2017.

Qatar has said its interest in nuclear power has waned amid lower oil prices since signing a memorandum with EDF, France’s largest electricity provider, in January 2008.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Solar
Posted by Tom Davis, Paris, France on Monday 27 July 2009 at 20:23 UAE time


What about Solar? do we always think of some kind of technology that has waste? look at Europe, look at US, no one is using Nuclear anymore, that is why is been sold to the Middle East

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM