Al-Tubayyeb Addresses Regional Markets
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Author: Saudi Aramco News
Released 18 April 2008
DOHA, Qatar, April 16, 2008 -- Hydrocarbon demand is rising the world over, and that includes the Middle East. At one of the premier gatherings of oil and gas industry experts in the Middle East, Saudi Aramco vice president of Marketing, Supply and Joint Venture Coordination Adil A. Al-Tubayyeb discussed the imperative of transforming Middle Eastern markets to meet that demand.
At the outset of the 16th Middle East Petroleum and Gas Conference, held April 6-8 in Doha, Al-Tubayyeb delivered his keynote address titled “Transformations in the Middle Eastern Energy Markets.”
Adil A. Al-Tubayyeb, second from left, joins industry leaders to discuss transforming Middle Eastern markets. He delivered a keynote address at the 6th Middle East Petroleum and Gas Conference. (Photo by Ahmad M. Al-Shammary)
In it, he said the rising demand for refined products in the Arabian Gulf and Red Sea, the result of regional population growth and an economic boom, makes it necessary to increase supply.
Turning the region into a center for marketing petroleum products, he said, will require the development of infrastructure and the establishment of region-specific price indicators independent of the price indicators that serve global markets far from the region.
Al-Tubayyeb concluded with a reference to an important Saudi Aramco milestone. “The 75th Anniversary gives us an opportunity to contemplate what we have accomplished in the past and to develop a future vision for our operations,” he said. “To us, this occasion, which brings to mind past accomplishments, represents an incentive to face future challenges.
“Our history of 75 years in the oil industry, and the experiences we gained from all those decades,” he continued, “gives us prudence and wisdom in dealing with the many variables of the energy industry. We will use the experience gained over those years to make the right decisions as we implement future projects.”
H.E. Dr. Muhammad ibn Salih al-Sadah, Qatar’s Minister of Energy and Industry Affairs, opened the conference under the patronage of H.E. Abdullah ibn Hamad Al-Attiyah, Second Deputy Premier and Minister for Energy and Industry in Qatar.
The logo for the 2008 Middle East Petroleum and Gas Conference 2008.
Its theme was “Middle East Oil Markets Fundamentals: Geopolitics vs. Geology.”
The conference brought together numerous government and industry leaders and decision-makers from many countries around the world, who exchanged ideas, discussing such topics as supply and demand, the roles of OPEC and oil refineries and rising production costs.
Also on the agenda was Qatar itself, which has become the major player in the production of liquefied petroleum gas and providing gas to energy markets the world over.
Al-Sadah, in his opening speech, said fossil fuels are expected to dominate as the main source of energy for the foreseeable future and that demand for energy is expected to rise significantly. Three-quarters of the increase in demand, he said, is expected to come from developing nations such as China and India.
Fayez Al-Nassar, OPEC’s chief oil price analyst, gave a speech on behalf of OPEC’s secretary general, Abd Allah S. Al-Badri. Al-Nassar stressed the need for cooperation to create and develop solutions to maintain oil market stability and overcome future challenges.
Saudi Aramco’s affiliates in Singapore, Tokyo and Beijing participated in sponsoring the conference and coordinated sideline meetings between Saudi Aramco officials and customers attending the conference.
Awwad A. Al-Harthi, marketing manager at Saudi Petroleum Overseas Ltd. in Tokyo, chaired one of the sessions.