EDB Takes Part in Middle East Petrotech 2014 Discussions

Manama: More than 2,500 industry leaders from around the Middle East attended Petrotech 2014, the region’s leading downstream hydrocarbons exhibition and conference, currently being hosted for the third day in Bahrain. The event has been showcasing some of the petroleum industry’s largest corporations, and presentations from specialist speakers. As part of the event, the Economic Development Board (EDB) will host a gala dinner today at the Ritz-Carlton Hotel, Bahrain. The event closes tomorrow, Wednesday 21 May.

Panel discussions at Petrotech 2014 have thus far provided attendees with insights into the latest industry developments, the region’s mega projects and new technologies. HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive, Bahrain EDB, participated in a panel discussion on government incentives during which participants described the favorable business environment for international businesses looking to invest in the GCC. Taking part in the same session – which was moderated by Dominic Barton, Managing Director, McKinsey – were Dr. Meshaal Jaber Al-Ahmed Al-Sabah, Director General, Kuwait Direct Investment Promotion Authority; Dr. Mosleh Al-Otaibi, Chief Executive Officer, Royal Commission for Jubail and Yanbu in Jubail and Mr. Khaled Alohali, Vice Governor, SAGIA.

 Dr Jarmo Kotilaine, Chief Economist, EDB, moderated a panel discussion on new business and entrepreneurship in the petrochemicals sector, and panelists included Craig Moyer, Co-Chair Finance Services and Banking Venture Capital, Manatt, and Sami A. Khursani, Saudi Aramco Entrepreneurship Center, New Business Development, Saudi Aramco.

Both HE Kamal bin Ahmed and Dr Jarmo Kotilaine highlighted the important role Bahrain can play in developing the industry in the GCC – both through its expertise built up through a long heritage of oil and gas production and refining and through supporting industries, such as financing, logistics and research & development.

HE Kamal bin Ahmed said:

“We have been thrilled to host Petrotech 2014 and participate in discussions about how we unlock opportunities to develop the downstream sector in the GCC. Continued investment in petrochemicals will add value and drive growth across multiple sectors and benefit our entire region.

“As the first country in the GCC to discover oil Bahrain has a long heritage as a high quality producer. This coupled with Bahrain’s even longer history of investment in public education means we have the strength of human capital and an economy required to support businesses looking to access regional opportunities in the downstream sector.”

Dr Jarmo Kotilaine said:

“Some estimate that downstream oil and petrochemicals investment in the GCC will be close to $60bn over the next five years. This expansion will create a high level of demand for specialist talent and supporting industries.

“As a high quality and experienced producer and regional logistics hub, as well as having a welcoming business environment, highly skilled workforce and sophisticated regulation, Bahrain is ideally positioned to play an important role in ensuring fast growth in downstream industries is delivered across the GCC.”

The Petrotech exhibition also includes showcases from specialist businesses and some of the petroleum industries largest corporations, including the Bahrain Petroleum Company (BAPCO), Abu Dhabi National Oil Company (ADNOC), Kuwait Petroleum Corporation, Petro Rabigh, Sadara Chemical Company, Saudi Aramco and Yanbu Aramco Sinopec Refining Company (YASREF).

Further information:
Noora Abul, Bahrain Economic Development Board
Tel: +973 17 589 903
Email: internationalmedia@bahrainedb.com

The Bahrain Economic Development Board (EDB) is a dynamic public agency with an overall responsibility for attracting inward investment into Bahrain, and is focusing on target economic sectors in which the Kingdom offers significant strengths.

Key areas of focus include manufacturing, ICT, and logistics and transport services as well as other sub-sectors. The Financial Services sector in Bahrain is particularly strong and the EDB supports in the continuing growth of the banking industry and key sub-sectors, including Islamic Finance, Asset Management, Insurance and Re-Insurance.

For more information on the Bahrain EDB visit www.bahrainedb.com; for information about Bahrain visit www.bahrain.com.