Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - APICORP backs forum on energy market outlook  Join our daily free Newsletter

MENAFN - Arab News - 10/12/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - Arab News) Energy industry leaders from the region converged on the second annual APICORP 2013 Symposium in Kuwait to discuss the outlook for oil and gas markets in the Middle East and North Africa (MENA) over the next few years.
Organized by the Arab Petroleum Investments Corporation (APICORP), the Multilateral Development Bank owned by the ten member nations of the Organization of Arab Petroleum Exporting Countries (OAPEC), the symposium discussed market trends and challenges faced by the industry against the background of ongoing political turmoil in parts of the region, the expanding global map of oil and gas resources, and the vulnerabilities created by the rapid growth of domestic energy markets. The government of Saudi Arabia owns a 17 percent stake in APICORP.
Ahmad bin Hamad Al-Nuaimi, chief executive and general manager of APICORP, said: "The APICORP 2013 Symposium was a perfect platform to discuss the global shifts taking place in energy supply and demand and the impact they are having on the region's oil and gas industries."
He added: "We believe Kuwait's ambitious plans to develop into the 'oil and gas capital of the world' has many potential synergies with APICORP's mandate and strategy, which is focused on supporting the development of the Arab hydrocarbon and petrochemical industries and promoting cooperation and economic integration in the regional industry."
The main speakers at the symposium addressed three critical themes - Oil markets and prices: Current trends and future outlook; Shale oil: Expected developments and their implications; and MENA natural gas: Growing shortfall and the issue of domestic pricing.
Roberto M. Sieber, chief economist and global head, market analysis at Hess Energy Trading Compan (HETCO), provided his medium-term outlook on the global oil market, with particular focus on the impact of the North American unconventional energy revolution on global oil supply and demand. He analyzed the gap between market expectations and reality in the past and shared his views on the economy, oil consumption, the price range for international oil and changes in the refining industry and their implications for trade flows.

Bassam Fattouh, director oil and Middle East program, Oxford Institute for Energy Studies, took the analysis of the US shale oil revolution a step further by assessing its implications for Middle East producers. He also provided insights on the drivers of the shale revolution and outlined two possible scenarios of its impact on oil supply dynamics and trade flows. Fattouh also discussed the impact of the US oil supply shock on the Middle East's key producers.
Hakim Darbouche, commercial adviser, OMV Exploration & Production, focused on the factors shaping domestic gas pricing policies in MENA. Driven in large part by artificially-low domestic prices, demand for natural gas in most countries of the region has grown faster than supply since the early 2000s, he said. The resulting gas deficit and pricing policy issues can no longer be ignored.
Darbouche argued that unless current prices are adjusted to reflect new regional gas market realities, the MENA region will increasingly become an import center rather than a major source of new supply.
This is the second year that APICORP is holding its symposium. The inaugural symposium held in Bahrain last year explored the impact of the shifting global economic environment and the changing political and energy landscape in MENA on the region's energy investment outlook.


Arab News

  MENA News Headlines
 Oct 28 2016 - Egypt, Poland 2016 trade exchange to reach USD600mnMENAFN
(MENAFN) The volume of trade between Egypt and Poland is predicted to reach USD600mn by the end of this year.Furthermore, trade exchange increased by 3 percent to surpass more than USD350mn amid the ...

 Oct 28 2016 - UAE, Oman ink transport agreementMENAFN
(MENAFN) The UAE and Oman signed an international road transport of passengers and goods deal.Moreover, the deal aims to enhance cooperation in this field for the benefit of the two fraternal peoples ...

 Oct 28 2016 - Viva Kuwait Q3 revenue down by 14pctMENAFN
(MENAFN) Viva Kuwait recorded a 14 percent decline in Q3 net profit, as the impact of lower oil prices on the Kuwaiti economy dragged on revenue generation.Moreover, the Saudi Telecom Co. subsidiary ...

 Oct 28 2016 - Qatar- Labour Minister elected Chairman of ALO boardGulf Times
(MENAFN - Gulf Times) The 85th session of the Arab Labour Organisation (ALO), which began its meetings in Doha yesterday, has elected HE the Minister of Administrative Development, Labour and Social ...

 Oct 28 2016 - Qatar- PM meets ALO officialGulf Times
(MENAFN - Gulf Times) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa al-Thani met a senior Arab Labour Organisation (ALO) official who is currently visiting ...

 Oct 28 2016 - Qatar- Host of activities at 'Family Fun Fridays' todayGulf Times
(MENAFN - Gulf Times) The ‘Family Fun Fridays"; series continues today at The Pearl-Qatar. Organised by United Development Company (UDC), master developer of The Pearl-Qatar, today";s ...

 Oct 28 2016 - Bangladesh envoy hosts Asian ambassadors' dinnerGulf Times
(MENAFN - Gulf Times) Bangladesh";s ambassador to Qatar, Ashud Ahmed, and his wife recently hosted an Asian Ambassadors"; Group Dinner in Doha. The event was attended by the ambassadors of different ...

 Oct 28 2016 - Apple Fest begins at LuLu outletsGulf Times
(MENAFN - Gulf Times) The Apple Fest was launched at all LuLu Hypermarket outlets in Qatar yesterday. The week-long festival features more than 20 varieties of apple from Spain, France, Italy, New ...

 Oct 28 2016 - Qatar- 28 trucks seized in crackdownGulf Times
(MENAFN - Gulf Times) In a crackdown on overloaded and uncovered trucks, Al Khor and Al Thakhira Municipality has seized 28 such vehicles from the Umm Al Baraka area, the Ministry of Municipality and ...

 Oct 28 2016 - Qatar National Day Barwa Sports Championship setGulf Times
(MENAFN - Gulf Times) The Barwa Group, in association with the Qatar National Day Celebrations Associated Activities Organising Committee, will hold sports competitions at the Barwa Workers ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help