Panel discussions at Petrotech 2014 have thus far provided participants with insights into the latest industry developments, the region's mega projects and new technologies.

More than 2,500 industry leaders from around the Middle East are attending the region's leading downstream hydrocarbons exhibition and conference, being hosted in Bahrain.

The event has been showcasing some of the petroleum industry's largest corporations, and presentations from specialist speakers.

Transportation Minister and Economic Development Board (EDB) acting chief executive Kamal Ahmed participated in a panel discussion on government incentives during which participants described favourable business environment for international businesses looking to invest in the GCC.

Taking part in the same session - which was moderated by McKinsey managing director Dominic Barton - were Kuwait Direct Investment Promotion Authority director general Dr Meshaal Al Sabah, Royal Commission for Jubail and Yanbu in Jubail chief executive Dr Mosleh Al Otaibi, and Sagia vice-governor Khaled Alohali.

EDB chief economist Dr Jarmo Kotilaine moderated a panel discussion on new business and entrepreneurship in the petrochemicals sector, and panelists included Manatt co-chair finance services and banking venture capital Craig Moyer, and Saudi Aramco Entrepreneurship Centre's Sami A Khursani.

Both Ahmed and Dr 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 with supporting industries, such as financing, logistics and research and development.

"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," stated Ahmed.

"Continued investment in petrochemicals will add value and drive growth across multiple sectors and benefit our entire region," he noted.

"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," he added.

Dr Kotilaine said it is estimated 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 that fast growth in downstream industries is delivered across the GCC," he added.

The Petrotech exhibition also includes showcases from specialist businesses and some of the petroleum industries largest corporations, including Bapco, Abu Dhabi National Oil Company, Kuwait Petroleum Corporation, PetroRabigh, Sadara Chemical Company, Saudi Aramco and Yanbu Aramco Sinopec Refining Company.

As part of the event, the EDB hosted a gala dinner yesterday at the Ritz-Carlton Bahrain, Hotel and Spa. The event closes today.-TradeArabia News Service