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Abdullah inaugurates ADIPEC 2006

posted on 06/11/2006: 1612 views

Sheikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister, inaugurated today Abu Dhabi International Petroleum Exhibition and Conference 2006 (ADIPEC) at Abu Dhabi International Exhibition Centre. The 12th edition of ADIPEC, the largest event of its kind in the Middle East, attracts the participation of 1,250 exhibitors from 51countries, and is scheduled to end on 8th November.

In the inaugural address, Mohammad Bin Dha'en Al Hameli, Minister of Energy, said that ADEPIC 2006 is taking place amid circumstances of instability in global oil markets, which led to the decline of prices to less than $60 per barrel. He expected demand in 2007 to reach 1.3 million bpd, an increase of 1.5 per cent from the current year.

"World oil reserves are estimated at around 1,154 billion barrels, 78 per cent of which are in OPEC countries." The Minister said Al Hameli added that despite huge investments in alternative energy sources and impending end of the oil era, development of oil fields will not cease, and new advanced technologies will continue to be invented. He stressed that the UAE is going on with its policy to increase production capacity in order to meet the growing global demand for oil and gas. (Emirates News Agency, WAM)


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