Bahrain Oil Minister opens 29th Annual Middle East Petroleum and Gas Conference

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa today opened the 29th Annual Middle East Petroleum and Gas Conference (MPGC 2022), held at the Four Seasons Hotel Bahrain Bay.

Saudi Energy Minister, HRH Prince Abdulaziz bin Salman Al-Saud, Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, and a number of senior officials from local, regional and world oil companies from 25 countries participated in the opening ceremony.

In his opening speech, the minister expressed thanks and appreciation to the participants in the global event, including CEOs and heads of international oil and gas companies, senior government officials, policymakers, international oil traders, energy experts, analysts and leading organisations in the energy sector.

He valued highly the unwavering support of the government, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to specialised oil events that benefit the national economy and hone the skills of Bahrain’s human resources, noting that the energy sector is the main engine of economic growth.

He indicated that the Oil Ministry and the companies affiliated with the Oil and Gas Holding Company (nogaholding), led by HM the King’s Representative for Humanitarian Work and Youth Affairs and Chairman of the Board of Directors of nogaholding, HH Shaikh Nasser bin Hamad Al Khalifa, always work hard and diligently towards achieving the strategic goals aiming to strengthen the national economy, through the establishment of many development projects at all levels.

He highlighted the main vital projects in Bahrain, including the Bapco Modernization Programme (BMP), which is one of the most important strategic projects in Bahrain aimed at increasing the refining capacity, increasing the list of products in terms of quantity and quality, and improving energy efficiency, which makes the refinery one of the most competitive and compliant with environmental standards in the world, noting that that BMP is more than 80% complete, and is expected to be ready in 2023. He also shed light on other oil-related development projects implemented in Bahrain.

The minister stressed the importance of joint global action in environmental projects aimed at reducing carbon dioxide emissions, noting that Bahrain has joined these initiatives by declaring its plans to reach zero neutrality by 2060.

In this regard, he said that Bahrain has implemented a number of environmental projects in collaboration and partnership with various companies and international organisations, such as the United Nations Environment Programme.

Such initiatives are funded by the Green Climate Fund, and are implemented under the umbrella of the Water Resources Council, chaired by Deputy Prime Minister and Chairman of the Water Resources Council, Shaikh Khalid bin Abdulla Al Khalifa, he said.

In the same context, he indicated that a Water Resources Management unit has been established at the Ministry of Oil as an executive entity that supports the Water Resources Council in implementing initiatives and projects for the integrated management of water resources in Bahrain.

On 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 on OPEC to increase production to meet the market needs, as well as the lockdown of China due to the increase in COVID-19 infections.

He stressed that these challenges require stepping up international cooperation to find appropriate solutions for the stability of global oil markets.

In concluding his speech, the minister commended the efforts exerted by the organisers to ensure the success of the event, and expressed thanks and appreciation to the participants, speakers and sponsors, wishing everyone success in developing oil industries.

Then, Saudi Energy Minister addressed the meeting. He expressed thanks and appreciation to the Oil Minister for his kind invitation to attend the world oil event, stressing the importance of increasing investments in the energy sector to boost the oil sector.

Iraqi Oil Minister said that his country is recovering from the gap resulting from terrorist acts that had destroyed some oil facilities, noting that Iraq’s oil productivity is now back to normal.

It is worth noting that Bahrain hosts the Annual Middle East Petroleum and Gas Conference (MPGC) for the sixth time since its launch 29 years ago.