Hazza Bin Zayed opens ADIPEC 2017

The Gulf Today - Business - - FRONT PAGE -

ABU DHABI: Un­der the pa­tron­age of Pres­i­dent His High­ness Sheikh Khal­ifa Bin Zayed Al Nahyan, Sheikh Hazza Bin Zayed Al Nahyan, Deputy Chair­man of Abu Dhabi Ex­ec­u­tive Coun­cil, on Mon­day in­au­gu­rated the 20th edi­tion of the Abu Dhabi In­ter­na­tional Petroleum Ex­hi­bi­tion and Con­fer­ence, ADIPEC 2017.

The event is be­ing held at the Abu Dhabi Na­tional Ex­hi­bi­tion Centre, AD­NEC, and will run un­til the 16th of Novem­ber un­der the theme, ‘Forg­ing Ties, Driv­ing Growth’.

Sheikh Nahyan Bin Mubarak Al Nahyan, Min­is­ter of Tol­er­ance, to­day vis­ited the Abu Dhabi In­ter­na­tional Petroleum Ex­hi­bi­tion and Con­fer­ence, ADIPEC, 2017.

Dur­ing the tour, Sheikh Nahyan was briefed on the par­tic­i­pat­ing pavil­ions from dif­fer­ent coun­tries, and lis­tened to an ex­pla­na­tion from spe­cial­ists and ex­hibitors in the field of oil and gas.

He said that the in­ter­na­tional event has be­come a spe­cialised plat­form that brings to­gether all par­ties in­volved in the oil and gas sec­tor to com­mu­ni­cate and ex­change ex­pe­ri­ences and learn about the lat­est in­no­va­tive tech­nolo­gies in this vi­tal and im­por­tant sec­tor.

Suhail Al Mazrouei, Min­is­ter of En­ergy and In­dus­try, on Mon­day said that there is po­ten­tial for ex­tend­ing Opec’s oil out­put cut deal next year.

“I don’t think there is any­one who is against the ex­ten­sion. We need mar­ket sta­bil­ity and a healthy price as I am not happy with the cur­rent price fluc­tu­a­tions be­tween $40 and $60 within only one year,” the min­is­ter said in a panel held on the side­lines of the Abu Dhabi In­ter­na­tional Petroleum Ex­hi­bi­tion and Con­fer­ence which opened in the UAE cap­i­tal.

“We need a healthy price for all par­ties con­cerned, in­clud­ing pro­duc­ers, in­vestors and con­sumers,” added the min­is­ter, ex­press­ing hope that Opec would have a con­sen­sus on ex­tend­ing the out­put cut deal next year.

“The whole is­sue is sub­ject to dis­cus­sions as it is a very com­pli­cated de­ci­sion to take. But again, we need mar­ket sta­bil­ity and in­vest­ment and that’s why we say there is a po­ten­tial for an ex­ten­sion.” Al Mazrouei re-af­firmed the UAE’S keen­ness to de­vel­op­ing con­struc­tive, and lon­glast­ing re­la­tion­ships with dif­fer­ent coun­tries around the world.

Suhail Al Mazrouei, Min­is­ter of En­ergy and In­dus­try, has said that the cur­rent re­cov­ery of the oil mar­ket is due to mar­ket forces which ben­e­fit OPEC and shale oil pro­duc­ers alike.

He made his com­ments while tak­ing part in the UAE Min­istry of En­ergy and In­dus­try Knowl­edge Se­ries panel dis­cus­sion en­ti­tled, “Oil and Gas Out­look to 2020, What Stage of Cy­cle are We in?” on the in­au­gu­ral day of ADIPEC at the Abu Dhabi Ex­hi­bi­tion Centre.

The min­is­ter said that shale oil pro­duc­ers are needed as part of the equa­tion, “We can­not ex­clude them, or think that they are work­ing against us,” he said, adding, “Yes, they are one of the ben­e­fi­cia­ries of the cor­rec­tion in oil prices.”

He also re­ferred to the fore­cast of oil de­mand in the past, say­ing that now it is bet­ter than what was pre­dicted.

Sheikh Hazza is be­ing briefed about the salient fea­tures of ADIPEC 2017 in Abu Dhabi on Mon­day.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.