Al-Naqi: Gulf Petroleum Forum is in liaison with development plan allotted for Gulf oil sector | Al-Naqi: Gulf Petroleum Forum is in liaison with development plan allotted for Gulf oil sector -
Mr. Abbas Ali Al-Naqi

Al-Naqi: Gulf Petroleum Forum is in liaison with development plan allotted for Gulf oil sector

: Tuesday, April 01 - 2014 @ 11:35

The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Mr. Abbas Ali Al-Naqi stressed the strategic importance of GCC countries as they provide the entire world with 23% of its oil needs and about 12% of its needs from natural gas, indicating that GCC countries possess 39% of the international oil reserves and 21% of the natural gas reserves.

In a press statement during his participation in the 2nd Gulf Petroleum Forum, Al-Naqi said this term of the forum, which is held from 7-8 April, 2014 in participation of several GCC and Arab governmental authorities and companies from the public and private sectors, succeeds the first term which managed ostensibly to spotlight the strategic importance of the Arabian Gulf area. In addition, it stressed the necessity of coping with the territorial changes and their reflections on the international oil markets.

He clarified that the importance of this forum is stemmed out from the significant role which the State of Kuwait plays along with other GCC countries in the oil sector, as Kuwait possesses huge oil reserves; in addition, it seeks to bring and apply the latest technologies applied in exploration, drilling, transport and export fields.

He further confirmed that the State of Kuwait is keen on enhancing coordination among GCC countries and all OAPEC member countries concerning all territorial and international fields to tackle all issues related to oil resources and the challenges which such vital industry confronts. Moreover, it seeks devotedly to reinforce the concept of ‘energy security’ in the region and the entire world to keep providing the supplies of oil and gas from the Arabian Gulf area and countries of the Middle East to the entire world believing that the concept of ‘energy security’ means security of supplies and security of demand on energy.

He went on to say that OAPEC plays a pioneering role in bolstering coordination among the concerned authorities which manage energy cases to serve the interests of OAPEC member countries. This manifests clearly through the coordinative meetings which the organization convenes in different fields among which the climate changes. Add to this the daily meetings which are held among OAPEC member countries, OPEC member countries, the Arab League and Gulf Cooperation Council to tackle cases of mutual concern. He also hailed the role which OAPEC member countries play to reinforce common collaboration among each other to activate such pioneering role.

With reference to the importance of the 2nd Gulf Petroleum Forum, Al-Naqi said the activities of the forum this time coincide with an increasing concern in the development plan of the Gulf oil sector to provide an appropriate opportunity for the international companies to be acquainted with the latest developments in the Gulf oil sector in general and the activities and huge projects which will be floated in the State of Kuwait in particular. He indicated the forum is tasked with handling issues regarding oil and gas industry and petrochemical industry technically, economically and commercially; in addition to discussing the substantial role of such vital industry in the process of comprehensive development which is taking place in GCC countries particularly in the State of Kuwait.

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Tuesday, April 1- 2014 @ 11:35 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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