MANAMA: Successful downstream expansion will provide added value to the region’s natural resource base, the Premier said.
His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa said Bahraini and Saudi oil companies are playing a crucial role in strengthening joint co-operation.
He hailed the massive participation of Saudi firms in the 9th Middle East Refining and Petrochemicals Exhibition, which opened yesterday under his patronage at the Bahrain International Exhibition and Convention Centre.
“The strong presence of Saudi companies reflects deep-rooted historic relations bonding the two brotherly countries and peoples,” the Premier said.
He delegated Deputy Premier Shaikh Ali bin Khalifa Al Khalifa to open the exhibition.
Shaikh Ali was accompanied by Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa at the opening and on a tour of the exhibition.
The Deputy Premier and Shaikh Ahmed visited pavilions of some of the petroleum industry’s largest corporations including Adnoc, Bapco, Kuwait Petroleum Corporation, Qatar Petroleum, PetroRabigh, Sadara Chemical Company, Saudi Aramco and Yasref.
Exhibiting alongside these regional giants are major international companies including Baker Hughes, Dow, Foster Wheeler, UOP and others.
The exhibition and conference is billed as a key event to explore new technologies, business opportunities and partnerships.
An increasing number of downstream projects are being carried out to enhance the value of Middle Eastern oil and gas.
Shaikh Ali emphasised that the Prime Minister’s constant keenness to patronise Petrotech ever since it first started in 1999 underlined the government’s full support to the oil refining and petrochemicals industries.
He also highlighted the government’s interest in the exhibitions and conferences industry, being crucial in spurring the trade and tourism sectors and promoting the kingdom’s potential and attractive investment opportunities.
He praised the success of Petrotech 2014 and the increasing number of mega regional and international companies taking part in it, which, he said, reflects the kingdom’s outstanding ability to host specialised exhibitions.
He pointed out that the event provided an opportunity for the oil and gas sector in Bahrain to benefit from regional and global expertise, sign agreements, make deals, be informed about latest technologies used in oil exploration, drilling and production.
Shaikh Ahmed said that the oil refining and petrochemical industries in the kingdom have flourished thanks to the government’s keenness to take advantage of advanced countries’ expertise in the field of renewable energy in order to meet energy needs to cope with the comprehensive development boom currently witnessed by Bahrain in all fields.
According to the Gulf Petrochemicals and Chemicals Association, petrochemical capacity is estimated to increase from 77.3 million tonnes per annum (mtpa) to 113 mtpa at the end of next year, marking a 46 per cent rise.
With almost 60pc of the world’s oil reserves and 40pc of all natural gas reserves, GCC states have benefited from expanding global petrochemical markets and compelling cost economics.
Within the sector, opportunities exist to capture much of the added value that is currently exported, and to create building blocks for major downstream conversion industries.
Petrotech 2014 is organised by the Arabian Exhibition Management in co-operation with All World Exhibition, the Society of Petroleum Engineers and in co-ordination with the National Oil and Gas Authority.