Manama, May 16 (BNA) Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa inaugurated today the 29th Annual Middle East Petroleum and Gas Conference (MPGC 2022), which was held at the Four Seasons Hotel Bahrain Bay.
The opening ceremony was attended by the Saudi Minister of Energy, His Royal Highness Prince Abdulaziz bin Salman Al Saud, the Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, and a number of senior officials from local, regional and international oil companies from 25 countries.
In his opening speech, the Minister expressed his thanks and appreciation to the global event participants, including CEOs, heads of global oil and gas companies, senior government officials, policy makers, international oil traders, energy experts, analysts and leading energy organizations. section.
He highly valued the government’s firm support under the leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, for the specialized oil activities that benefit the national economy and hone the skills of the Kingdom’s human resources, noting that the energy sector is the main driver of economic growth.
He pointed out that the Ministry of Oil and the subsidiaries of the Oil and Gas Holding Company (nogaholding), led by the representative of His Majesty the King for Humanitarian Work and Youth Affairs, and the Chairman of the Board of Directors of Nogaholding, His Highness Sheikh Nasser bin Hamad Al Khalifa. We always work hard and diligently to achieve the strategic goals aimed at strengthening the national economy, through the establishment of many development projects at all levels.
He highlighted the most important vital projects in the Kingdom, including the Bapco Modernization Program (BMP), which is one of the most important strategic projects in Bahrain with the aim of increasing refining capacity and increasing the list of products in quantity and quality. Improving energy efficiency, making the refinery one of the most competitive and environmentally compliant in the world, noting that the BMP is more than 80% complete, and is expected to be ready in 2023. It also sheds light on other oil-related development projects implemented in the Kingdom.
The minister stressed the importance of joint global action in environmental projects aimed at reducing carbon dioxide emissions, noting that the Kingdom joined these initiatives by announcing its plans to reach zero neutrality by 2060.
In this regard, he said that the Kingdom has implemented a number of environmental projects in cooperation and partnership with various companies and international organizations, such as the United Nations Environment Program.
He explained that such initiatives are funded by the Green Climate Fund, and are implemented under the umbrella of the Water Resources Council headed by the Deputy Prime Minister and Chairman of the Water Resources Council Sheikh Khalid bin Abdullah Al Khalifa.
In the same context, he indicated that the Water Resources Management Unit at the Ministry of Oil has been established as an executive body that supports the Water Resources Council in implementing initiatives and projects for integrated management of water resources in the Kingdom.
At the global level, the minister pointed out that the oil markets are unstable due to the unprecedented geopolitical and economic changes and challenges the world is going through, in addition to the rise in oil prices following the Ukrainian crisis, and the pressure exerted by European countries. OPEC member countries should increase production to meet market needs, as well as shut down China due to increased infections with COVID-19.
He stressed that these challenges require intensifying international cooperation to find appropriate solutions for the stability of global oil markets.
At the conclusion of his speech, the Minister praised the efforts made by the organizers to make the event a success, expressing his thanks and appreciation to the participants, speakers and sponsors, wishing everyone success in developing the oil industries.
Then the Saudi Energy Minister addressed the meeting. He expressed his thanks and appreciation to the Minister of Oil for his kind invitation to attend the international oil event, stressing the importance of increasing investments in the energy sector to advance the oil sector.
The Iraqi Oil Minister said that his country is recovering from the gap resulting from terrorist acts that destroyed some oil facilities, noting that Iraq’s oil productivity is now back to normal.
It is worth noting that Bahrain is hosting the annual Middle East Petroleum and Gas Conference (MPGC) for the sixth time since its launch 29 years ago.