Energy Minister Prince Abdulaziz bin Salman
Energy Minister Prince Abdulaziz bin Salman said that the new Petroleum Petrochemical Law contributes to building the legislative law in the energy sector, by benefiting from the best international practices, as well as boosting performance, achieving national targets, and ensuring the optimal uses of petroleum and petrochemical materials. 
The law, which replaces the Petroleum Products Trade Law, aims to achieve a number of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth, as well as backing efforts to attract investments, increases employment rates, upgrade energy efficiency and protecting consumers and licensees, while ensuring product quality and creating a competitive environment that achieves a fair economic return for investors, SPA reported.
Further, the new law also helps ensure the security and reliability of petroleum and petrochemical materials supplies, in addition to achieving optimal utilization of raw materials, supporting the localization of the value chain in the sector, enabling national strategies and plans, and enhancing control and supervision of petroleum and petrochemical operations to raise the level of compliance with laws and regulations. This is in addition to preventing violating practices, by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these materials, as well as regulating the establishment and operation of distribution stations, and the operation of petrochemical facilities.
The Cabinet, in a session chaired by King Salman, approved today, Jan. 7, the Petroleum and Petrochemical Law, the Saudi Press Agency reported.
Energy Minister Prince Abdulaziz bin Salman
Energy Minister Prince Abdulaziz bin Salman said that the new Petroleum Petrochemical Law contributes to building the legislative law in the energy sector, by benefiting from the best international practices, as well as boosting performance, achieving national targets, and ensuring the optimal uses of petroleum and petrochemical materials.
The law, which replaces the Petroleum Products Trade Law, aims to achieve a number of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth, as well as backing efforts to attract investments, increases employment rates, upgrade energy efficiency and protecting consumers and licensees, while ensuring product quality and creating a competitive environment that achieves a fair economic return for investors, SPA reported.
Further, the new law also helps ensure the security and reliability of petroleum and petrochemical materials supplies, in addition to achieving optimal utilization of raw materials, supporting the localization of the value chain in the sector, enabling national strategies and plans, and enhancing control and supervision of petroleum and petrochemical operations to raise the level of compliance with laws and regulations. This is in addition to preventing violating practices, by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these materials, as well as regulating the establishment and operation of distribution stations, and the operation of petrochemical facilities.
The Cabinet, in a session chaired by King Salman, approved today, Jan. 7, the Petroleum and Petrochemical Law, the Saudi Press Agency reported.
