Page 13 - MEOG Week 41

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Any decision has to be taken by all members, he added.
There was a strong agreement between OPEC and non-OPEC producers to balance the market and that would continue, the Kuwaiti minister said.
The deal between OPEC, Russia and other non-OPEC producers aims to reduce output by 1.2 million bpd until March 2020 amid forecasts of excess supply next year.
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Russia to build $1bn oil complex in Saudi
Russian President Vladimir Putin has revealed plans to boost economic ties with Saudi Arabia by setting up a $1 billion oil plant there. he also reaffirmed Moscow’s commitment to the OPEC agenda of keeping the oil market steady.
“There is still a lot to be done, but we have set a good pace. Last year [trade turnover] was up 15 percent. In the first six months of 2019, growth was as high as 38 percent,” said Putin.
“We are considering some good joint projects. Our Direct Investment Fund and
the Public Investment Fund of Saudi Arabia have jointly established a $10 billion platform. $2 billion has already been invested. Work
is underway on other projects, and some promising and interesting projects have already been implemented,” the Russian president said in a joint interview with Al Arabiya Sky, News Arabia and RT Arabic ahead of his visit to the Kingdom of Saudi Arabia later this month. he also noted
that Russia is considering the possible construction of a petrochemical plant in the region, as well as a number of other ambitious projects
More generally, Putin spoke about a “dramatic” improvement in Saudi-Russian relations over the past few years.
“We have been making good headway practically in all fields,” and Russia considers
Saudi Arabia to be a “friendly nation,” he said. he also described Russia’s cooperation
with the Organization of Petroleum Exporting Countries (OPEC), which, according to last year’s estimates, holds 79.4 percent of the world’s proven oil reserves, with Saudi Arabia its largest producer. Russia shares its OPEC+ partners’ intent to keep the oil market stable, Putin said.
“We need to respond to any attempt to destabilize the market. Russia will certainly continue working with Saudi Arabia and other partners and friends in the Arab world to counter any attempts to wreak havoc in the market,” he stated, alluding to the September drone attacks on Saudi oil facilities, as well as earlier attacks and seizures of oil tankers in the Gulf and the Strait of hormuz.
“If anyone thinks that seizing tankers and attacking oil infrastructure can in any way affect cooperation between Russia and our Arab friends, Saudi Arabia and the UAE, that they can undermine or break down
our cooperation with OPEC+, then they are profoundly wrong. On the contrary, we will forge ever closer ties because our main goal is to stabilize global energy markets,” Putin stressed. he added that the organization will stick to the agenda of keeping oil prices at a “sensible level” in the future.
“Technically, we need to cut global reserves to some sensible level, so that these reserves do not affect prices. We have made some good strides and whatever we have managed to achieve has served not only oil producers, but also consumers. Neither producers nor consumers want high prices, rather we all want stability in the global market,” the Russian president said.
rt
Iran planning to use
nanotechnology in
petroleum industry
Iran’s Vice Presidency for Science and Technology has signed a Memorandum of Understanding with the Ministry
of Petroleum for the purpose of using nanotechnology-based products and services in the country’s petroleum industry in order to meet the needs of the industry.
The MoU on market development and application of nanotechnology products and services in the Oil and Gas Industry was signed between Vice-President Sorena Sattari and Petroleum Minister Bijan Zanganeh on Saturday.
The two sides sealed the agreement
during the opening ceremony of 12th Nanotechnology Exhibition – Iran Nano 2019 – in Tehran.
At the ceremony, Sattari appreciated the Ministry of Oil’s support for knowledge- based companies and start-ups, and said a Petroleum Innovation Zone is to be launched as the next step.
“By taking these measures, an ecosystem where young creative youths are active will be launched within the next six years in an indigenous atmosphere where petroleum products are supplied domestically.”
For his part, Zanganeh said this measure is also aimed at contributing to the boom in technology and innovation.
“The start-ups and knowledge-based companies present at this fair have good activities supported by the ministry of oil,” underlined Zanganeh.
“In general, we continue this strategy as we have supported the technological work
of researchers so far, but we keep this move organised in order to achieve our goals in the framework of standard rules.”
The agreement signed between the vice presidency and oil ministry was in line with the Iranian Leader’s policies and guidelines aimed at flourishing the knowledge-based economy, countering cruel sanctions and increasing the employment of expert staff.
The goals of this MoU are to use nanotechnology-based products and services in the petroleum industry, to develop and promote nanotechnology to meet the needs of the petroleum industry, and to help develop the market for nanotech companies.
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Week 41 15•October•2019
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