‘Arab region key to global oil supplies’

Tuesday, May 11, 2010

DUBAI: The Arab region enjoys great international importance because of its huge oil and gas reserves and will continue to occupy a special place in the global oil industry for many more decades, Saudi Arabia’s Minister of Petroleum and Mineral Resources , Mr Ali bin Ibrahim al-Naimi, has said.

Addressing the Arab Energy Conference in Doha on Monday, he said: “In 2008, the Arab region accounted for about 58 per cent of the total global oil reserves and 30 per cent of the natural gas reserves.”

“Fossil fuel is one of the most important sources of energy and will continue to play a key role as a main source of energy for many decades to come.

“Out of consideration for the environment, we must all focus on making oil available and environmentally friendly through advanced technologies.

Based on this premise, we, as oil producing and exporting countries, have no choice but to focus on technology and demonstrate a powerful, active and scientific international presence and participation in issues related to powerful and the environment,” Mr al-Naimi added.

At the regional level, Arab countries are confronted with a set of similar challenges and issues in the oil industry and policies, and in energy in general. — PTI

Source: http://www.thehindubusinessline.com/blnus/10111160.htm

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