Qatar Energy Minister Expects More Investments in Middle East Energy Sector

Doha, December 05 (QNA) - HE Minister of Energy and Industry Dr. Mohamed bin Saleh Al-Sada has said that investments in the Middle East energy sector are expected to see an increase in the near future, highlighting at the same time the contribution of regional countries in securing consumption needs locally and worldwide alike. In a joint press conference with WPC President Dr. Randy Gossen held as a part of the ongoing World Petroleum Council, HE Dr. Al-Sada said that Middle East is rich in natural resources such as oil and gas and that huge promising investments are foreseeable in the sector. Oil and gas producing countries in the region are committed to safely delivering their production to anywhere in the world in order to secure energy supplies worldwide, His Excellency underscored. HE Dr. Al-Sada said that comments made by regional oil and energy ministers, who gave speeches during WPC conference, underlined their plans to increase investments in this sector, considering that a prove that more investments will be pumped in energy sector. Dr. Al-Sada also spoke of how significant it is that EU overcomes its debt crisis not only for oil and gas markets but also for world economy. His Excellency said Qatar has North Field, which is the world's largest single non associated gas field with approximately 900 trillion cubic feet of proven reserves, adding that Qatar produces 77 million tons of liquefied natural gas annually. HE Dr. Al-Sada pointed to the special interest Qatar attaches to keeping its oil and gas reserves as long as possible and enhancing investments in this field in addition to producing and manufacturing gas and exporting it to world markets. HE Minister of Energy and Industry said that Gas Exporting Countries Forum (GECF) has a different framework from that of Organization of the Petroleum Exporting Countries (OPEC) as GECF isn't responsible for creating a mechanism for gas prices in world markets. GECF framework focuses on activating dialogue between producers and consumers as well as exchanging experiences among member states in several issues including technical and technological ones which would help encourage the use of gas worldwide, Al Sada explained. His Excellency projected that the demand on gas in the world markets will increase in the upcoming period because gas product is a clean environmentally-friendly energy source. Al Sada also expected an enhancement in the uses of gas in the different sectors such as transportation and petrochemicals, and that the Middle East will experience a rise in the demand on gas and its derivatives especially condensate and liquefied gas. Al Sada touched on the close ties Qatar maintains with its gas consumers around the world and lauded the existing partnership between Qatar and Japan, pointing to Qatar's increase of gas supplies to Japan to meet the shortages in the rising demand for energy resulting from the earthquake catastrophe. Concerning Qatar competition with Algeria to sell gas in European market, Al Sada said at the beginning Qatar targeted the Asian market and that most of Qatari exports goes to Asia but said that European market is a big one and open for everyone. In his reply to a QNA question on how to make use of the money surplus allocated the conference, His Excellency said that it will be directed to support educational and technical sectors related to petroleum industry. On the relationship between political stability and the enhancement of investments in this industry, Al Sada said though the Arab region witnessed the first and the second Gulf Wars, oil and gas production, manufacturing and exporting to the world didn't stop. Al Sada pointed out the significance of holding the 20th WPC in Doha since it is the first time ever to be held in the Middle East, highlighting that a number of energy ministers and officials took part in the event along with more than 500 speakers and 5000 participants. His Excellency added that neutralism is one of the positive signs in this conference in which 66 countries as well as firms and organizations working in the oil and gas field from the different spectra are participating. Minister of Energy also said that a meeting between International Energy Agency (IEA) and OPEC is to be held during the conference. (END)