Al Sada: Energy Industry Enjoys High Degree of Flexibility to Overcome Difficulties

Doha, December 05 (QNA) - HE Minister of Energy and Industry Dr. Mohammed bin Saleh Al Sada stressed that meeting the challenges and obstacles that stand in front of the energy industry required a lot of works between different parties with the unity of goals, pointing out that this industry enjoys a high degree of flexibility and vitality to deal efficiently with changes to overcome all difficulties. Addressing the 20th World Petroleum Congress(WPC), opened today in Doha, HE Dr. Al Sada said that the future of energy industry is a shared responsibility based on the obligations that corresponded by producer or consumer states and on the extent of cooperation and dialogue between governments and international organizations and between international and national oil companies. HE the Minister expressed hope that the Congress will be culminated in success. He also expressed hope that all issues raised will be efficiently solved during the congress. Al Sada thanked all those participated in completing the hosting of the 20th World Petroleum Congress in Doha. He explained that the official theme for the Congress, 'Energy for All', stems from the vital role that energy plays in the development process and its association with the three fundamental pillars, sustainable social, economic and environmental development. HE Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, said that the relationship between energy production and use on one hand and sustainable development on the other hand focused on two factors, the need for energy services to meet humanitarian needs and to achieve economic and social growth, and the need for energy production and use in environmentally sound. HE Dr. Al Sada said "From this point we emphasize the importance of enhancing the level of cooperation between all concerned parties of producers, consumers, owners of advanced technology, financial institutions and policy makers to improve the relations among them from mutual benefits and common interests to a high level partnership based on the unity of goals and objectives." The current theme of the conference comes in the context of supporting cooperation to achieve common goals, through three key elements the conference seeks to promote which are cooperation, innovation and investment, he said. The researches and development in various sectors of energy, capacity building, transfer of technologies from developed to developing countries, exchange of information and expertise and financial resources are the most important areas of cooperation in the field of energy, he explained. He also pointed out that there is an urgent need for scientific research development that leads the process of innovation. HE the Minister of Energy and Industry said investment and financing represent a cornerstone in the development of energy in its various forms. Regarding the conventional energy, particularly oil and gas, we find that the processes of exploration and infrastructure development require intensive capital as well as the need to fund the technology used in improving the efficiency of production and consumption of conventional energy resources in addition to fund the clean fossil fuel technology, Dr. Al Sada added. He said that renewable energy sources require large investments contribute to reach more modern innovations and achieve great strides towards expanding the use of renewable energy, pointing out that the International Energy Agency estimated the size of the global investment needed to meet the growing demand for energy sources during the period of 2011-2035 to about $38 trillion of which $20 trillion dollars associated with oil and gas investments. He also stressed that the huge investments from conventional energy producing countries to develop their natural resources must be offset by exact information about the needs of consumers and their future plans to reduce the margin of investment risk. (QNA)