APICORP Energy Forum opened

Manama, Nov. 19 (BNA): His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has deputised Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa to open APICORP Energy Forum, currently hosted by the kingdom under his patronage. The event is organised by Arab Petroleum Investments Corporation’s (APICORP), marking its 40th anniversary, in association with the National Oil and Gas Authority (NOGA). Addressing the opening ceremony, the deputy premier said that HRH Premier's patronage of the forum testifies to his interest in the energy sector and keenness to enhance cooperation in the fields of power and in oil industries for the best interests of the national economy. He affirmed that the challenges currently faced by the energy sector as a result of the sharp decline of oil prices require concerted efforts of officials and specialists in the GCC counties to develop investments in such a vital sector so as to fortify GCC economies against fluctuations in oil prices. He stressed that the government is interested in the energy sector within a vision that focuses on developing investments in it and enhancing the use of modern technology in it. Shaikh Khalid lauded APICORP's role in financing projects related to petroleum industries, as well as its efforts in organising this year's forum. He called for the need to avail of the huge energy potentials of GCC and member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC) and launch investments that boost those countries' sustainable development efforts. The deputy premier thanked the forum's organisers and participants, wishing them every success in coming up with recommendations that ensure a better future for the energy sector. Energy Minister Dr. Abdul Hussain bin Ali Mirza, Saudi Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi, senior companies' officials and energy specialists attended the opening ceremony. Energy Minister Dr. Abdul Hussain bin Ali Mirza expressed sincere thanks, appreciation and gratitude to HRH Premier for patronising the forum. He stressed that the Premier's constant interest in global events proves the government's commitment to providing all kinds of support to such functions that benefit the national economy, as well as the participating sides. Dr. Aabed Al Al-Saadoun, Chairman of the board of APICORP, also delivered a statement in which he expressed his utmost thanks and appreciation to the Prime Minister for patronising the forum. He also paid tribute to Shaikh Khalid bin Abdulla for opening the forum, and lauded the efforts of the Energy Minister and NOGA for their tremendous efforts to ensure the success of the forum. The participants discussed major issues currently faced by the energy sector in the region and the need to develop policies and planning for the next period, the future outlook and assessment of investment opportunities. The Dammam-based APICORP is a multilateral development bank established in 1975 by the 10 member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC). The organisation celebrates its 40th anniversary on 23rd November 2015. APICORP opened a branch in the Kingdom of Bahrain to develop its oil and gas investments.