Six Energy Ministers in Riyadh Discuss Promoting Global Recovery at IPTC 2022

Riyadh, Feb. 21, 2022, SPA -- The International Petroleum Technology Conference (IPTC) 2022 started its first session on Sunday night by holding a panel discussion on the main topic of the conference "enhancing global recovery through sustainable energy". The panel saw the participation of Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Minister of Energy; UAE Minister of Energy and Infrastructure, Suhail Al-Mazrouei; Kuwaiti Minister of Oil, Dr. Mohammad Abdul Latif Al-Fares; Bahraini Minister of Oil, Mohammed bin Khalifa bin Ahmed Al Khalifa; Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail; and Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla. Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Minister of Energy, affirmed that Saudis are determined to shape the future of this country, referring to the capabilities and strength of the Saudi youth. The Prince also stressed that the Kingdom witnesses a continuous movement and development, pointing to Riyadh, which has become the city of happiness and joy in less than five years. He said that the Corona pandemic was not taken into account, but with the Saudi wise leadership and its ambitious youth, we were able to overcome the pandemic, as His Royal Highness the Crown Prince has given this matter his full attention until economic stability is achieved. The Minister of Energy added that if we do not achieve our collective goals, we will not achieve our individual goals, and the Kingdom continues to invest and expand its production capacity, noting that focusing on specific elements such as alternative energy alone would be a huge mistake and the world must look at all energy sources. Prince Abdulaziz bin Salman indicated that the campaign against oil and gas is short-sighted, and the Kingdom will continue to invest in oil and gas and will work to raise its production capacity, in addition to working to achieve net-zero emissions, adding that most of what is spent on is technology, where the Kingdom is working with an integrated system. For his part, Kuwaiti Minister of Oil Mohammad Abdul Latif Al-Fares said: “We hope the issue of OPEC and OPEC+ ends this year and they should have a cooperation agreement that should be implemented through a correct approach in coordination in this changing sector.” Al-Fares added that the balance of supply and demand and the market and economy needs are met and we will respect the agreement of OPEC and OPEC+, and there is a mechanism to reach an agreement, where we will show the world that we can ensure a reaction through a mechanism that will clearly show how we can deal with the world in a monthly way, stressing that Riyadh and the entire region are now preparing a capital for energy transformation and its use in the best way next year. He also noted that the Kuwaiti government has high efficiency through setting goals and policies that are in harmony with the region in this endeavor and focuses on the circular carbon economy to reduce carbon emissions until reaching zero carbon in 2025, and it will be developed in a sustainable way to realize goals in the oil industry sector. Iraqi Minister of Oil Ihsan Abdul Jabbar Ismail highlighted the importance for OPEC+ to commit to the current agreement for the interest of the energy market with the current multilateral discussions, referring to the way of achieving balance in the market between supply and demand to avoid any surprises in the future in a way that serves the interests of all. He noted that Iraq is going through a strategic transition phase and counts of changing all energy generation stations to some 33 gigawatts and to receive the remaining power from the solar and fossil fuel energy, pointing out that Iraq has signed several agreements with global companies to generate solar energy, where the government has prepared a strategic plan and allocated money from the general budget to realize this goal. Meanwhile, UAE Minister of Energy and Infrastructure Suhail Al-Mazrouei said that hydrogen will be a promising and attracting market, where the UAE seeks to be part of this future and has projects in around 40 countries worldwide. He noted that the conference seeks to encourage the youth to focus on hydrogen through the petroleum industries in addition to blue hydrogen, adding that if investments are planned in a good way, it will contribute to reaching innovation. Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla said: “We are not a member at either of OPEC or OPEC+, but we are a country that observes and so far has seen good policies and that the alliance of OPEC and OPEC+ is successful,” praising the efforts and initiatives that the Kingdom of Saudi Arabia has recently offered, such as Saudi Green Initiative, Future Investment Initiative and the International Mining Conference. Bahraini Minister of Oil Sheikh Mohammed bin Khalifa Al Khalifa praised the Middle East Green Initiative that seeks to make the region safe and reduce carbon emissions, referring to the big role of Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Minister of Energy, in leading the efforts of OPEC+ and saving the international oil market from the drop. --SPA