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Saudi Arabia's Ex-Oil Minister Has Moved On To... Solar?

Saudi Arabia's Ex-Oil Minister Has Moved On To... Solar?

Ali al-Naimi, Saudi Arabia's ex-oil minister was once considered to be the most notable person in the global oil industry.

As noted by Bloomberg, al-Naimi's career as Saudi Arabia's oil minister lasted more than two decades and every word he says was always closely scrutinized and interpreted by investors, traders and analysts.

So, what is he up to after being replaced in 2016 by Khalid Al-Falih? Well, al-Naimi doesn't want to talk about.

Mums The Word

Al-Naimi was speaking at an event in Singapore on Friday to promote his book "Out of the Desert: My Journey from Nomadic Bedouin to the Heart of Global Oil." He was quoted as saying, "As far as oil prices and oil, I have left that behind."

See Also: Saudi Aramco Might Not Be Worth Anywhere Near $2 Trillion

Al-Naimi was also asked to comment on the recent OPEC agreement to cut back on their oil output but he declined to answer. In fact, Bloomberg noted he thought about an answer but then said sorry and left the venue without offering an answer.

Not Retiring From The Energy Sector

The 81-year old Al-Naimi isn't retiring from the energy sector and found life after oil in the renewable segment. Specifically, he will be working on making solar panels as part of Saudi Arabia's $50 billion renewable-resources initiative.

In fact, Saudi Arabia has guided to developing almost 10 gigawatts of renewable energy including solar and wind power by 2023.

Posted-In: Ali al-Naimi Khalid Al Falih OilNews Emerging Markets Eurozone Markets Media Best of Benzinga


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