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Kuwait calls for safeguarding oil industry from geopolitical ripples GPF to discuss solutions to protect sector from crises fall outs

KUWAIT, April 7, (KUNA): Chairman of Steering Committee of the Gulf Petroleum Forum (GPF 2014) Dr Jassem Bechara on Monday called for effective solutions to safeguard the oil industry from negative effects of current dramatic events taking place on the international and Arab arenas. Bechara, in a statement at the forum inauguration, said these developments and crises have cast their shadows on the Gulf region, along with prospected effects, adding that rapid technological development “in this vital industry adds great significance to this forum.” He also urged the conferees to exert extraordinary efforts to try envisage solutions to protect the oil and petrochemical sectors from the crises’ fallouts.

In his emphasis on necessity of checking the geopolitical ripples of such dramatic events, affecting in particular the oil sector, Bechara re-urged the conferees “to seek best possible and most relevant results” in this regard. He expressed gratitude to His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah for patronizing the event, noting His Highness the Premier’s concern for the major development role, played by the oil industry “at the global level in general and in our Gulf states in particular. “ Bechara also indicated that His Highness the Prime Minister’s sponsorship of the forum prompted the steering committee members to do their best in organizing the forum.

Bechara welcomed the participants in the forum, namely foreign personalities, noting that Kuwait is hosting it at a time the Arab Gulf region is witnessing “major transformations with emerging challenges to all states of the region.” Moreover, he said, holding the forum signals Kuwait’s concern for developing oil sectors in the Gulf countries “and pushing them toward closer integration and partnership for sake of boosting our states’ economies.” The forum topics will address present challenges facing Arab and international petroleum industries, future of the petroleum industry from a Gulf perspective, mechanisms of merger in the production, exploration of the petrochemical sectors, affiliate industries, technical services and international economic impact on the universal energy system. They also include hurdles obstructing investment in petrochemical enterprises, role of funding foundations, prospected joint investments, role of the private sector, environmental and technological “challenges” facing the oil industry.

Furthermore, Bechara indicated that the officials and experts taking part in the forum would discuss “development ventures that constitute an added value at the international level, contribute to boosting the regional economies and preserving stability of the international oil and gas markets as well as stimulating the universal economy toward greater development and prosperity.” Affirming anew the forum significance, Bechara noted Kuwait’s ability to play a crucial role in the petroleum sector at the global level — being a major oil producer and one of the states seeking to install state-of-art technology in exploration, production, refining, petrochemical manufacturing, transportation, marketing and exporting. The forum is an opportunity for local and foreign companies to get acquainted with latest innovations in the oil and gas sectors in the Arab Gulf region and planned development projects by the GCC countries.

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