Saudi Arabia plans to set up an "Energy City" with state-of-the-art infrastructure as part of Saudi Vision 2030, said Khalid Al-Falih, minister of energy, industry and mineral resources.
The aim is to attract major companies in energy-related industries to the city and also raise local inputs in energy and petrochemical industries to 75 percent.
He also said Saudi Aramco will invest in renewable energy and stimulate other industries to supplement oil production.
Saudi Arabia plans to double its gas production from the recent discoveries in conventional and shale gas field, Al-Falih added.
Saudi Aramco remains committed to its vision of becoming a top-tier, globally integrated energy and chemicals company, he said in an earlier statement.
Expanding oil and gas supplies to meet the needs of domestic and international markets is at the core of Saudi Aramco's business, he added.