The GCC region is experiencing a major boom in implementing petroleum and petrochemical projects, with investments in these projected to be $50 billion for this year.

This is not surprising since around 60 per cent of world oil reserves and around 40 per cent of world natural gas reserves are in this region, Oil and Gas Affairs Minister and National Oil and Gas Authority (Noga) chairman Dr Abdulhussain Mirza told delegates at the opening session of Middle East Chemical Week at the Gulf Hotel yesterday.

'The two events taking place here, the fifth Annual Petchem Arabia Conference and the third Annual Middle East Fertiliser Symposium, will bring together petrochemical and fertiliser producers, national and international oil companies, governments, investors and other service providers to identify sustainable solutions to the global challenges,' he said.

'I am sure The Middle East Chemical Week will lead to forging new relationships between investors, potential partners, clients and suppliers.

'It is encouraging to see many delegates here, as it is only through dialogue between various players in the industry that stability and quality advancement can be achieved.'

'Here in Bahrain, Noga regularly reviews its strategies to shape the refining and petrochemical industry to ensure that all the companies under its umbrella continue to provide a strong economic base for the country and are in line with the Bahrain's Economic Vision 2030.'

'However, we cannot turn a blind eye to the current financial crises and the global business scenario and the cautious investment trends in the oil and gas sector, including the petrochemical industry,' he said.

In Bahrain, a number of projects were completed last year. Among them is the $55 million carbon-dioxide plant at the Gulf Petrochemical Industries Company, in just 27 months.

The project with a capacity of 450 tonnes of CO2 a day is also contributing to reduction of greenhouse gas emissions into the atmosphere.

'Also on the subject of environment, we launched the $150 million Refinery Gas Desulphurisation project earlier this year and we recently signed an agreement for the refinery Waste Water Treatment Project at a total cost of $120 million, all are designed to focus intensively on eco-friendly industrial production.'-TradeArabia News Service