Growth of Middle East and Asian economies will drive oil & gas sector, says Saeed Khoory

A large part of the demand for petroleum products will be led by the Asian economies, and the proximity of the Middle East to the fast-growing emerging markets in Asia serves as a tremendous opportunity for the region’s oil & gas companies, said Mr Saeed Abdullah Khoory, Chief Executive Officer of Emirates National Oil Company (ENOC).

Mr Khoory was welcoming delegates to the 19^th annual Middle East Petroleum & Gas Conference, held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President & Prime Minister and Ruler of Dubai.

The Conference, which will conclude on Tuesday (Oct. 4), is part of the Middle East Petroleum & Gas Week being held until Oct. 6. ENOC is hosting the strategic conference, which is organised by The Conference Connection Inc.

His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of the Supreme Council of Energy, President of the Department of Dubai Civil Aviation Authority and Chairman & Chief Executive of Emirates Group, inaugurated the Conference. On behalf of His Excellency Mohamed Bin Dhaen Al Hamli, UAE Minister of Energy, Mr Ali Obaid Al-Yabhouni, UAE Governor for OPEC and General Manager ADNATCO-NGSCO, made the Ministerial Address at the conference, which is attended by oil & gas industry professionals and other stakeholders from around the region.

At the opening ceremony, His Highness Sheikh Ahmed received a memento from Mr Khoory on behalf of the organisers of the conference for his continued support and patronage.

Discussing the energy landscape, Mr Khoory said that the increased ties between the Middle East and the growing Asian nations will drive oil trading, which will offset any demand reduction from the developed nations, which are witnessing sluggish economic activity.

“For the next year, demand for petroleum products is expected to rise to 90.7 million barrels per day – which is an all time high. A large part of this strong demand will be driven by the non-OECD (Organisation of Economic Co-operation and Development) countries with Asian economies taking the lead followed by the Middle East,” he explained.

Mr Khoory said that Dubai’s core sectors – trade, tourism and transport - have supported overall economic growth. “The aviation sector has in particular been a driving force and we anticipate it to remain one of the strongest growth pillars of Dubai’s economy.”

He said that on the supply side, the Middle East will continue to maintain its lead position due to massive investments in upstream and downstream sectors. “Our analysis of the market suggests that the global economic activity might continue to grow albeit at a very moderate rate. Policy makers will continue to take decisive measures to protect the fragile recovery.”

Mr Mark Carne, Executive Vice President, Middle East and North Africa and Country Chairman, Dubai & Northern Emirates of Shell Upstream International, made the keynote address. Mr Issam A. R. Al-Chalabi, former Minister of Oil, Iraq, and independent consultant, made a special address on ‘Will Iraq Fulfil its Oil Plans and When?’

The Conference, held at Mina A ‘Salam, Madinat Jumeirah, will discuss critical energy issues facing the Middle East’s oil markets, and the production and financing of energy projects in the aftermath of the Arab Spring.