Cost of energy used in building Kingdom’s data centers cheapest globally: Nasser

The oil market is currently balanced in terms of supply and demand, despite demand being affected by rising interest rates and the economic situation in China, said Saudi Aramco’s President and CEO Amin Nasser.

The energy transition depends on the level of economic maturity. Exports to industrialized countries should begin while enabling the global South to achieve this transition, he added, during the Future Investment Initiative conference held in Riyadh.

Nasser also highlighted the need for an energy transition that is affordable, safe and sustainable, indicating that the global South now uses one-tenth of the energy compared to the global North. He stressed that there is a need first for an energy transition by reducing emissions from current sources, as work continues to reduce emissions in all operations.

He stated that the cost of energy used in building data centers in Saudi Arabia is the cheapest worldwide, as the cost of a kilowatt/hour reaches 4.8 cents using gas and drops to two cents using renewable energy.