Middle East energy investment 'set to rise'
Manama, May 19, 2014
Oil and gas sector investment opportunities in the Middle East will continue to rise over the next five years, Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa has said.
Speaking during the opening session of Petrotech 2014 at the Ritz-Carlton Bahrain, Hotel and Spa yesterday, Shaikh Ahmed said the petrochemical industry was the second largest manufacturing sector in the Gulf region, as a result of the abundance of natural gas and huge opportunities were being created due to joint investment projects in the GCC, reported the Gulf Daily News, our sister publication.
The governments in the region continue to develop natural gas production in order to support the rapid growth in the production of fertilisers and petrochemicals, said the minister who's also chairman of National Oil and Gas Authority (Noga).
The opening session also saw the launch of Gulf Downstream Association, with Bapco as one of its founding members.
Shaikh Ahmed was deputised by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa to inaugurate the exhibition and conference.
The four-day event brings together more than 2,500 industry leaders from around the region to explore new technologies, business opportunities and partnerships at the Ritz-Carlton Bahrain, Hotel and Spa and at the Bahrain International Exhibition and Convention Centre (BIECC).
Transportation Minister and EDB acting chief executive Kamal Ahmed, Saudi Arabia's Petroleum and Mineral Resources Ministry adviser Prince Faisal bin Turki bin Abdulaziz Al Saud, Saudi Arabia's Economy and Planning Minister Dr Muhammad Al Jasser, Saudi Aramco president and chief executive Khalid Al Falih and EDB chief economist Dr Jarmo Kotilaine, spoke during the executive plenary session.
The associated 5,400 sq m exhibition of refining and petrochemicals industry products and services will open in a ceremony today at the BIECC.
Participants include Bapco, Abu Dhabi National Oil Company, Kuwait Petroleum Corporation, Petro Rabigh, Sadara Chemical Company, Saudi Aramco and Yanbu Aramco Sinopec Refining Company.
A number of specialist speakers will also deliver presentations and participate in panel discussions that will provide unique insights into the latest industry developments, the region's mega projects and new technologies.
"Bahrain's long heritage in the oil and gas industry, coupled with our investment in education and training, means that we have a deep well of human capital available for businesses investing in the region," stated Ahmed.
"Bahrain discovered oil in 1932, becoming the first Gulf state to successfully drill and exploit oil commercially, and with continued investment we believe Bahrain can play an important regional role," he noted.
"It is a great pleasure to welcome the oil and petrochemical industry's leaders to Bahrain for Petrotech 2014.
"Together we can chart a course for the industry that will deliver the greatest benefit to all people across our region, so that the industry that has been such an important part of our development to date can continue to enable us to thrive in the future," the minister said.
As part of the event, the Economic Development Board is hosting a gala dinner tomorrow at the Ritz-Carlton, Bahrain Hotel and Spa.-TradeArabia News Service