Dubai PR Network, Online Press Release from Dubai and Middle East
Oil & Gas(Energy and Industry)
Filter PR by
ADNOC CEO: UAE Leadership Prepares for the Future to Empower Socio-economic and Human Development

ADNOC has a disciplined focus on operational efficiency and enhanced performance
Investments, collaboration, strategic partnerships and smart funding are key to meeting nation’s rising energy demand

Cairo, Abu Dhabi, 15 February 2017:  His Excellency Dr. Sultan Ahmad Al Jaber, UAE Minister of State and ADNOC Group CEO said, today, the UAE is well prepared to meet future energy challenges and maintain its position as a reliable source of oil and gas, in support of the country’s socio-economic and human development goals.

In line with the UAE leadership’s strategic goals, H.E. Dr Al Jaber said ADNOC is balancing a disciplined focus on operational efficiency and enhanced performance with the imperative to maintain targeted, investments in exploration, petrochemicals, technology and people, while maintaining an emphasis on long term, value driven partnerships.

H.E. Dr Al Jaber made his comments during his keynote address to the inaugural Egypt Petroleum Show, held in Cairo under the patronage of His Excellency President of the Arab Republic of Egypt Abdul Fattah El Sisi; His Excellency Engineer Shareef Ismail, Egyptian Prime Minister, and His Excellency Engineer Tarik El Mulla, Minister of Petroleum and Mining.

Speaking to an audience of international and regional energy industry leaders, H.E. Dr Al Jaber said global energy demand is forecast to rise by 25% by 2040 - equivalent to adding the current energy demand of North and South America combined. Much of this demand, he said, would come from non-OECD countries, which will account for two thirds of the world’s energy consumption. 

“The International Energy Agency estimates that some 25 trillion dollars in investment will be needed over this period to keep pace with demand,” H.E. Dr Al Jaber said. “That is a level of funding only possible through creative, productive partnerships between governments and the energy industry.” 

Despite increased interest in renewables, H.E. Dr Al Jaber said nearly 60 percent of the energy demand, in 2040, would be met by the oil and gas industry. 
H.E. Dr Al Jaber praised Egypt’s economic and energy policies and regulatory frameworks which had made it easier for multinational companies, such as BP, ENI, Shell and Dana Gas to invest. 

“These wise policies are now paying off, as Egypt has entered a golden age of hydrocarbon discovery,” H.E. Dr Al Jaber said.

He highlighted the discovery, in Egyptian territorial waters, of the largest deposit of gas ever found in the Mediterranean Sea with estimated reserves of 30 Trillion cubic feet. This, together with significant finds in the Nile Delta and the Western Desert, has the potential to make Egypt not just energy independent, but eventually a net exporter of natural gas.

H.E. Dr Al Jaber said the significant 76% growth witnessed by Egypt’s stock market last year, and last month’s over-subscribed bond sale, were powerful evidence of Egypt’s strengthening economy, that is underpinning growing confidence, in international markets and institutions, such as the IMF, and in Egypt’s future as an anchor of stability in the region. 

Referring to PWC’s latest global growth report, which forecasts Egypt could become the world’s 16th largest economy by 2050, H.E. Dr Al Jaber said: “All this points to one conclusion - now is an excellent time to invest in Egypt.”

Posted by : Dubai PR Network Editorial Team
Viewed 11242 times
PR Category : Energy and Industry
Posted on : Wednesday, February 15, 2017  10:56:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : IFS and The Marsden Group collaborate on IoT offering for th...
Next Story : ADNOC to capitalise on increased sulphur processing capabili...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Bhima Jewellers Wows Women on International Women's Day [15067-Views]
Foreo Declares 2018 the Year of Confidence [13768-Views]
Beauty Indulgences for Mums this Mother's Day [11620-Views]
Built for the Way We Communicate Today: Samsung Galaxy S9 and S9+ Launches in the UAE [10474-Views]
The Ultimate Mother's Day Beauty and Wellness Gifts [8692-Views]
The Sheet Mask Trend [7656-Views]
Design International to open doors at d3 [7631-Views]
Filorga Launches Lift Range [7418-Views]
Tissot PRS 516 Alpine Limited Edition A sporting tribute [6942-Views]
Rise and Shine with Sophie's [6936-Views]
International fragrance houses look to Middle East as inspiration for global perfume trend... [6869-Views]
SMCCU opens its doors for SIKKA Art Fair [6783-Views]
Max launches its Inaugural Abaya Collection [6234-Views]
“The Night of Italian Design” at D3 Attracts Design Enthusiasts [6118-Views]
It's Mother's Day! [6057-Views]
LULU Organic Food Activation [6015-Views]
Al-Futtaim Honda launches 10th generation Honda Accord [5948-Views]
Mother's Day Offer from Blush N Curls Salon [5886-Views]
Iconic milkshake brand Keventers to open 30 outlets across the UAE in 2018 [5777-Views]
Top Perfume Picks for Mother's Day @ [5636-Views]
An Open Secret - The new Flying Regulator Open Gear provides deep insights [5392-Views]
Luxury First: Range Rover Sv Coupé Debuts at Geneva Motor Show [5301-Views]
The Global Sensation UFO Lands in Europe at Cosmoprof 2018 [5234-Views]
Nissan's e-POWER technology wins environmental award [5112-Views]
Drink yourself to looking younger with Skinade [5106-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories