KPC Deputy Chairman and Chief Executive Officer Nizar Al-Adsani on Wednesday emphasized the momentousness of the tremendous reserves of oil and gas in the Gulf region, for the trade of the two fossil fuels. He called for developing the region into a commercial hub for hydrocarbons.
Such reserves are not found anywhere else, Al-Adsani told the first Petroleum Economist Hydrocarbons Strategy Forum that kicked off here today.
The responsibility of the major producers is to guarantee safe channels for delivering hydrocarbons to markets, which is not confined to giant tankers, but extended to pipelines, Al-Adsani stressed. He called for developing the Arabian Gulf terminals.
According to Al-Adsani, the Gulf states have accumulated enormous cash surplus over the past years thanks to soaring oil prices.
Despite the convenient financial situation of the Gulf countries, they are keen on encouraging the flow of foreign capital for economic expansion and variation in a bid to relatively lessen reliance on oil and gas, he told the one-day Forum co-hosted by KPC.
Al-Adsani noted that changes in the trade patterns of the Gulf oil and gas enhance opportunities of establishing strategic partnerships with the emerging Asian markets.