DEMAND FOR PETROL TO PLATEAU
The International Energy Agency forecasts global petrol consumption will peak in the next 25 years, as more efficient cars and the advent of electric vehicles halt growth
An MoU was also signed by Borealis and Sonatrach to set up a melamine plant. It was signed by Mark Garrett, CEO of Borealis, and Amine Mazouzi, CEO of Sonatrach.
Suhail bin Mohammed Faraj Al Mazroui, Minister of Energy and Managing Director of the International Petroleum Investment Company (IPIC), said the company plays a key role in pushing forward the agreements signed by the two companies — Cepsa and Borealis.
The minister thanked the directives of President His Highness Shaikh Khalifa bin Zayed Al Nahyan; His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow-up of Shaikh Mansour bin Zayed Al Nahyan, chairman of the board of directors of IPIC.
He added that the IPIC would employ its expertise and international network to enhance the value in investments in all stages of the hydrocarbon value chain.
Al Mazroui also thanked the Algerian government for its role in making this possible, adding that he was looking forward to increasing cooperation.
Shaikh Mansour and Salal witnessed the signing of an agreement between the UAE Ministry of Climate Change and Environment and Algeria’s Ministry of Agriculture and Rural Development to set up a natural reserve. It was signed by Sultan Alwan, Assistant Deputy Minister of the UAE Ministry of Climate Change and Environment.
The Ministry of Economy and the Ministry of Industry and Mines of Algeria also signed an MoU. It was signed by the UAE Minister of Energy. — Wam