Tuesday, 2 Jun 2020

Saudi Arabia calls for more Arab cooperation in oil industry

Marrakesh, Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih confirmed in a speech read on his behalf by Abdulrahman bin Mohammed Abdulkarim, Advisor for Corporate Affairs at the ministry, before the 11th Arab Energy Conference which started in the Moroccan city of Marrakesh today under the emblem "Energy and Arab Cooperation" under the patronage of King Mohammed VI, that the Arab oil producing countries could enjoy an opportunity for cooperation to continue playing a positive role in the stability of the oil market and industry, and enhance international cooperation in this regard.

They should also show cooperation together to support the continuation of oil as a source of energy and make it more efficient and widely beneficial in addition to its being a friend of environment, benefiting from the applicable research and advanced technologies and show cooperation in the field of developing them, he added.

He emphasized the role of the Kingdom in keeping a positive equilibrium between producers and consumers in the international energy markets and its commitment to enhance the oil market and readiness to relinquish the storage whenever a shortage comes up.

As far as the energy sector is concerned, the Kingdom's 2030 vision focuses on a number of pillars, including diversifying the energy sources mix, make it more effective and less environmentally detrimental in addition to increasing the power generation efficiency, he added.

He lauded the efforts the Kingdom is exerting to enhance the domestic human and material content in oil industry project to achieve higher revenues from this industry for the Kingdom and its people in addition to its efforts to build a series of integrative values which cover all oil industry sectors, starting with exploration, production, processing, transporting, refining and developing the products for consumers.

Finally, he confirmed that the Arab oil producing countries should avail themselves of the promising opportunities in the field of cooperation in the oil and gas industry development, and application of advanced technologies in all sectors of the industry, citing those focusing on amelioration of Arab capabilities to discover oil and gas reserves, produce them and extract their derivatives.

Source: Saudi Press Agency

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