12th IEA-IEF-OPEC Symposium Energy Outlooks

[M090-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:01 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Started with, supported by both OPEC and the IEA, whom are their secretary generals are missing in action. I hope it is an action to a good use, but the precepts of some of these actions are telling me something of a different story somewhere or another, but here I go, I keep been told by my colleagues in the ministry that I need to be disciplined, so they made some few remarks that I would kick start this whole thing with, and permit me for being as you have known me before, after, that is one of my problems, actually keep telling people, you know, my vocals are low, but life taught me that you have to maintain your vocals low, you never know when you would like to withdraw your statements.

[M090-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:15 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

A good counsel and advice for everybody who is working in public policy, make sure that you remember that Amus, okay, as I said, you know, Exellency, ladies and gentlemen, it is my pleasure to welcome you all to the 12th Symposium of Energy Outlook. This trilateral symposium has gone from strength to strength as a result of the collective and dedicated work of the very capable team in the 3 organizations, so I would like to thank our colleagues at the IAF, IEA and OPEC for their hard work and commitment.

[M090-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:02 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

In this context, it is also important to point out that the collaboration that has taken place between the G20 and the IAF, especially at Rome, which agreed in Italy last year to facilitate a dialogue between producers, consumers to bloster the efficiency, transparency and stability of energy markets. This has been quite an endeavor for the G20 and as an IAF, I think they have demonstrated their commitment, but as you know more than me, energy security is paramount. We emphasize the importance of maintaining undisturbed flows of energy from multiple sources, supplies and routes while exploring paths to enhance energy security and market stability.

[M090-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:09 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

I think I keep saying it, and I will repeat that millions of times nothing can supersede energy security because without which none of our ambitions, goals, be it economic prosperity, growth, sustainability, job creation, all of the above, when did you call? When you talked about economic parameters or what have you, but I believe more profoundly, attending to climate change cannot even happen without that in mind. It is our duty to ensure that these 3 pillars would have to be attended to, simultaneously, I would assume that energy security will be the main pillar of the other two, compared to the other two.

[M090-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:13 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

But certainly, it had to take more than a garden hose, it took almost 20 million barrels of lost of reducing production, and I will never forget those days that we were pleading with people everywhere to reduce production by a million and a half, but I will come to that, I am just trying to create some, I thought, you know, energy and oil and gas is becoming, they call it the dinosaur industry, but they keep coming, they they develop a type of excitement, there is, you know, His Lordship here, I think he is the patron, is the French of keeping people so exciting.

[M090-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:07 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So energy will continue to make people excited, and because of the cyclical nature of it, it brings its own built-in excitement as we go, so but it is the historic production adjustment that OPEC Plus and some other Non-OPEC producers, I have to give quite candidly and quite honestly, I have to give it to them that, let us not forget that while we were having the OPEC Plus Meetings in the same next day immediately and actually we had the G20, extraordinary G20, and I have to emphasize that just to make sure that, those who talk about market intervention and manipulating markets and cartel and what have you, can go and take a guidance of how we have brought discipline and brought stability to the energy market.

[M090-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:16 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

And it could not have happened without the extra effort and the extra commitment and the extra reductions that took place as a result of that extraordinary G20 meeting back to back because we had 2 OPEC Plus meetings and in between we had the G20 sandwiched between the two, and therefore I do have to give those who participated and supported the recognition, due recognition for their collaboration and for their timely intervention, as I have always said, in life, there is always some type of regulatory framework because even human behavior need to be conducted in somewhat, be it liberal or lack of or conservative regulatory framework, but people need to distinguish between market manipulation and market discipline.

[M090-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:32 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

We can dwell on that if you want, later on, so that arrangement brought us to a successful and led to a stable energy market and consistent energy supply to the world, despite the major disruption to the supply chain, as you know, the world has not only just suffered from energy undisciplined market, but also a suffocating energy, suffocating supply chain issues which propelled the situation to even much more severer, and it became even humbling when it reached out to human issues, such as providing medications and basic necessities to mitigate the health situation and health concerns.

[M090-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:34 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So our effective action have cushioned the shock from COVID 19 enhancing energy security and market stability. We are in a much better place than we were nevertheless, nevertheless, I must warn again, once again, against complacency, there is nothing that would undermine all of our successes over the last years, the last two years, then to have assumed that we are business as usual. We still should be in a more or less attentive mode, and we should continue being taking that vigilant mode just to make sure that, and I always say that between excellence and and whatever it is, it is that extra 4 , 5% effort that humans need to push themselves to deliver, if they are seeking excellence.

[M090-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:45 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Let me, however, stress that the best thing that we can do in 2022 is to increase our preparedness and resilience in the confident belief that collective action is the most effective way to tackle the challenges ahead of us. Again, I would emphasize collective effort, collective attendance, open and transparent dialogue on energy outlook facilitates the vast investment, we need to an energy recovery and achieve sustainable growth. This is, of course, the theme of this event and the expert comparative analysis we see here today under the auspices of the IAF foster more transparent and more predictable market, boosting investors confidence, and we have some around us here, aimed and unprecedented uncertainty.

[M090-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:51 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Saudi Arabia is a firm believer in the 3 pillars, as I said, and I have described them, and as I have always been saying, Saudi Arabia is not just striving to be part of the solution to these challenges, be it whatever it may be, including technological challenges, but actually we are aspiring to take the lead in some of them because again, in many of these issues, especially the issue of transitioning to a different energy outlook and energy mix, we have got as probably, we, U.S., Canada, Russia to name few, we have got the more to gain and hard to lose, if we are not to be attentive to do to these things.

[M090-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:59 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So on this, the Saudi Green Initiative will lead the way for many new development that will inspire others, and we accept the challenge to deliver on that, while the Middle East Green initiative expand the concept into one of the most important regional regions of the world energy market. So, Excellency, ladies and gentlemen, did take a lot of time, but I am convinced that the better energy, the energy solidarity dialogue and data transparency is the pillar and the fundamental aim and mission of the IAF.

[M090-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:45 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

The result will result and will result in a more secure and stable energy market, I do have, I have to emphasize that the IAF is something that I would not claim it myself alone, but there are people who are here today who would make that testament that it has been a dream for me to see it happening. It will continue to be a mission for me to see it alive, thriving and prosperous, and we have to deliver that. It was worth it, it will continue to be worth it, and the world will require it for years to come, and thank you very much indeed.

[M090-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:41 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

I am old enough to remember Helen, and I am old enough to make sure that her first question is properly addressed.

[M090-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:31 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Well, as I alluded here, we are still in that analogy of the garden hose. It is very funny, but it is a reversal of the situation. We are trying to now to attend to a complete supply issue by again thinking that the garden hose think will deliver us and it would never deliver us, and that is why, you know, for months now I have been repeating and repeating and repeating. We should be mindful of what is happening to the industry and how much uncertainties are being put in front of this industry, including NOCs and international companies and independent and whole hobela of what we constitute the industry.

[M090-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:17:22 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

The amount of clarity of signals for making an investor to invest are not there. The comfort zone that people need to be at are not there, and the lack of clarity on how this transition will be delivered and what are the wherewithals for it, and the constraining element that is pounding the industry when it comes to ESG. ESG is good, but ESG need to be disciplined to poor people to understand where is the bottom of it, and how people can deliver it, and there has to be a synchronization between ESG and what is technology can deliver us.

[M090-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:13 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Right now, what we see is the hypeness towards, it is like people are contending to show not their true colors, but their how green they are to be, and we have it by nature, our flag is green and we are moving green, and we have all the initiatives are green. No one competes with Saudi Arabia on how greenish we could be except the Irish, but it is not about, the endeavor now is not about being green, the endeavor now is about how we can deliver being green in a smooth transitionary process where people can figure out, what is required of them, how they will be enabled, and how smooth that transition would be. We owe it, as I was alluding earlier, for the purpose of energy security, we should not be focused on or be picky about what source of energy we should use.

[M090-21] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:27 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

We should be choosing all of the above simply because we need all of the above. Case in point is what is happening in this winter. You see the jetteries all over the place even aside from the geopolitics, geopolitical issues, skip the geopolitical, which is the event of the last month or so and look at ever since November, December and even before October, November, December, you will see these jetteries are coming and they are coming as they come in strides, as I think it was Shakespeare that when I am trying to, there is a good proverb that when the miseries they come in strides they do not come.

[M090-22] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:20:13 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

But this is where we are, this is a testament, what we are going through now is a testament of undisciplined, very ambitious, but undisciplined transitionary process. What we are arguing here at Saudi Arabia is we are for the transition, as I said, we want to be leading some of the aspects of this transition, but we need people to be disciplined about what they say and what they can achieve, and the at the end of the day, it is all about market signals, investor signals, and people need to come out of, if you permit me out of the closet by saying because we are green, because we are environmentally concerned and conscious, the world cannot transition in a year or 2 or 3 or 4.

[M090-23] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:21:11 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

We have to accept the reality, and for us to congregate, we need to change the tone to we will be the user of all mitigated energy sources, regardless what it is, we have to make sure that we allow if we want to have bigger impact, you need to be inclusive, and that has been continuously my messaging, you need to be inclusive. You cannot ask a country like Saudi Arabia, Russia, India, Brazil, many other China, even, I would argue Canada, possibly the US to abandon oil and gas precipitously simply because people are contending about, you know, green does not mean getting rid of hydrocarbon or fossil fuel.

[M090-24] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:22:15 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

In my judgment, green means mitigating the emissions of these things, and if you can deliver on that, you are in good shape because nothing would congregate people more and will achieve the inclusivity which would make the cause more global, more disciplined, than having to say we do not care what source of energy use as long as you mitigate, and that is why we have been vocal in Glasgow and that is why I think hopefully we are getting a much better reception in these events because we are coming with our own ambitions and goals to prove that we are not only advocates, but we are proactively engaged in being a solution.

[M090-25] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:23:15 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So back to your question, this industry requires today, if not yesterday, proper clear signals that allow banks to loan, lend and people need to be disciplined by facts and realities as opposed to ambitions. If that does not happen, then we are back again into that garden hose analogy, and we should not waste time because this is what we see today is in this period is the precepts of another energy security crisis that I have been vocal about it for the last two months. Now, the other bit of that question never deep Halima could, Helen questions need to be addressed. We very simple, we do not know because, you know, leave aside who can produce and cannot produce, focus more on the bigger picture, and I am not going to quote our numbers or OPEC Numbers, I am going to quote IEA Numbers.

[M090-26] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:24:41 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

You know, when you have a and I have a great deal of respect for the people at the IEA and the institution, but when you have a discipline or an organization that says all of a sudden in January that, by the way, we have a missing barrel, barrels of equivalent to a 730 million barrels. That was January, and I am stating facts as opposed to being critical, but then last Thursday, last Thursday, I said, by the way in a very self-congratulating mode, we found them. And where did you find them? 500,000 barrels in Saudi Arabia and the rest is in China. I, you know, I went through that report and said, hallelujah. I never knew in my career that ever since 2007, we have been producing and consuming 500 barrels and we do not take account of it, not even a government, not even a company, and it is all in liquids.

[M090-27] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:25:59 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Just somebody wanted to clean the ledger, but like an auditor who got stuck with a number, and he needs to find it a place for it to make sure that the books are clear and clean, but look at what had happened. It certainly annoyed us because it almost insinuate that we are idiot enough, we do not know what is being consumed in our country, later on our friends from China too. It truly looked like a funky exercise with a view, let us get out of that chicken box and then move away, and, you know, you would see that in that statement on Thursday, lots of smoke mirrors came out of that, you know, we need the producer to produce more. Saudi Arabia and UAE needs to have the capacity. It is all smoke mirrors just to hide the fact that they had had problems with their numbers.

[M090-28] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:27:11 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

One of the most uncertain elements we go through in OPEC Plus, and I keep once you asked me a question, one of those TV press conferences, I said, I will believe it when I see it, recall that statement, I think I did say to you, Halima somewhere in October, I do not know well, I forgot because it is a monthly meeting. Look at what happened. All of a sudden, demand was suppressed and all of a sudden we have 750,000 barrels at today's market make a big difference. You are all more than me as acumen and you know the impacts of how much it may impact balances, so again, we need to discipline ourselves in terms of numbers to take away this element of uncertainty about projections of supply, demand and inventory.

[M090-29] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:28:14 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

But this is I am give describing to you a classical case of how you underestimate demand and all of a sudden how you jack it up as no, it is overestimating demand, because we know that these numbers are not factual, at least the 500 that they have put in Saudi Arabia, and I can take you to the financial controller of Saudi Arabia, and he will show you the numbers of 2007, 2008, 2009. This is even historical. I think that you could find it anyway, we know the 500s doing it the Italian way baloney, so we still have, if by deduction we still have that 750 or 30 million is missing barrel. Is it demand or not? We do not know, we hope it is demand, but we hope that we can know where it was, where was that demand center that took that volume.

[M090-30] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:29:16 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Now, in terms of what needs to be done, look at again, I would ask you to look at the bigger picture in the very same report of Thursday, and in page 19, I have it here in front of me, I had fun with that page. They are projecting that even with the lack of capacity, based on their IEA calculation of what is OPEC Plus collective capacity, and then they had a trajectory of what is the agreement, says the 5.8 and what have you, and their own perception of how much OPEC Plus can deliver the actual, even with after attending to this 700 or 750 demand hiccup. You still in a dotted red line. They show case that well, you still have going to be building stocks. You do not have to believe me, look at page 19 of the IEA Report and you will see it there.

[M090-31] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:30:43 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So again, lack of clarity and certainty, you do not flip-flop in 2 consecutive months, a report 3 months. In December nobody have any recognition of those missing barrels, in January, we have missing barrels, in February we are located where are the missing, and you can take a rescue by saying, I am willing to venture to do these things. I was clear in many months and I will continue that clarity. We are not at liberty to speak on behalf of any country, on what they can produce and what they cannot produce, and if we start doing that, we are tampering with the agreement itself, and if we do, you run a very risky situation of continuously having a month to month haggling and negotiation, and Lema, you witness what happened in that incident in June and July.

[M090-32] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:31:58 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

As a responsible energy minister, I do not want to see that repeated because it would bring volatility to the market, aside from the hobela that was perceived by the IEA as being the cause, and it was little misunderstanding and it was handled in ten days, and look at what happened, so can you imagine a monthly meeting with all the haggling, and people would tell you and rightly that, yes, they missed the barrels this month, but they were not going to miss it next month.

[M090-33] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:32:38 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Who am I to make that value judgment by saying are they going to miss it next month or not? This is a sovereign right and they will have to keep it, we are maintaining the agreement, but we are also responsible producers, we want certainty, we want clarity, and more important, our partners in this endeavor need to discipline themselves that you cannot take excuses for your faults and mistakes, and I will quote another movie, Blame It not on Rio, but blame it on Riyadh Okay.

[M090-36] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:35:06 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

Excellency, by the way, it has been a while I have not seen Your Excellency. She has been a friend, a solid friend, and I respectfully would give her the credit that she had been quite supportive person for a common cause that we had with Spain and also as an EU commissioner at some point, so I am glad that I see you here. Oh, I have the media or you repented.

[M090-38] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:35:40 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So you have repented and baptized. I think, you know, at some other occasions I did say, you know, we would be doing both. Blue hydrogen, green hydrogen. Obviously, people here on the table would tell you green hydrogen is much more complicated and much more challenging because of a technological challenge, and the jury is still out there, the jury is still there or out there to figure out which technology would be more, if you could call it more supreme. However, from a basic ingredient, we have a record when it comes to producing energy from wind and solar. We also have a history of 50 years of knowing what to do with desalinating water. Our biggest challenge now is sizing the market.

[M090-39] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:36:55 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

We have a better person than me to talk about it, which is Lord here, would tell you that BP and others, when the move to go for LNG was almost required thing. People knew how to do that work. The challenge was people had the gas, people need the gas and somebody needed to size up the market to incentivize the producer to produce it, and somebody need to go into this financial engineering to work out that the producer, when he produce, he would know ultimately that he has a commitment from a buyer, and that buyer would know when he sign up, he would get the volumes required, and those who will do the transportation would know that they have the contract from both the buyer and the seller that they will be able to build these vessels.

[M090-40] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:38:05 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

In many cases, if you do not move gas by ships as LNG, you go for a long term and look at Europe, Snam is managing most of the grid now, and it is all came as long term contracts with figuring out the size of the market. What we are trying to do with Europe is and how we are approaching Europe? We are approaching Europe with trying with them to size up the market because sizing up the market would enable us to see how much economics would be to either ship it or pipe it, and we have all the flexibilities to do that, so long as the economics can deliver us what we all are aspiring.

[M090-41] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:39:02 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

But again, you hear a lot of people talking about green hydrogen, so as also blue because blue, I think it is more to do with the Asian markets that they may have better interest in that. We are willing to do the two, we are willing to collaborate with everybody, but what is common now is that people talking about blue hydrogen, green hydrogen. We are the only country I think that said, by 2030 in our Green Initiative, we will be producing 4 million tons of both green and blue hydrogen, name me other, I do not know. Maybe I have not read the reports as properly as I should.

[M090-42] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:39:54 · 12th IEA-IEF-OPEC Symposium Energy Outlooks · 2022-02-17 · مشاهدة عند هذا التوقيت

So again, we will work with the EU. We are working with some individual countries, but now we have decided to congregate as EU and Saudi Arabia with others, and the best thing that you could tell a producer size up the market, we are also on carbon capture, we are also working on carbon sequestration, and you would see us plugged in every forum, in every, including the industry, and more important, we put our money where our mouth are. Come to Dhahran I will show you, come to NEOM I will show you what we are doing on Green Intiative, in green hydrogen, come to Dhahran, to Jubail and you will see what we are doing, trying to achieve our predominant, you know, preoccupation, which is the circular carbon economy, which we feel strongly that will deliver us.