With the Middle East having a 40 per cent share of global gas reserves, more networking connectivity is needed to maximise the utilisation value of such gas resources, said a top official.

“Developing the gas sector requires thorough collaboration between national oil companies (NOC) and their international counterparts (IOC) as ‘Partners in Success’ for overall sustainability,” added Mohammad Husain, president and CEO of Equate Petrochemical Company, Kuwait’s first international joint-venture in this industry.

“Such development entails overall adaptation, preparing for the new era, resilience, understanding future energy mix, high reliability, ensuring environmental excellence, pricing structure, innovative solutions, cost effective technology, suitable regulations, as well as having the qualified human capital,” Husain explained, speaking at Kuwait Oil & Gas Summit 2016.

“Currently, the oil market is facing price fluctuations due to increased supplies. Although the market is currently progressing, we are still dealing with changes. Naturally, as a major market, China is critical to maintain stability. Along the same lines, the oil producers meeting in Doha will have a direct impact on matters,” he noted.

Husain added: “In terms of Equate’s upcoming projects, we are continuing the execution of our 2020 Strategy and are currently looking as far as 2025. At the same time, to optimize the added-value, Equate is continuing the integration of its new subsidiary MEGlobal which we acquired at the end of 2015.”

Sponsored by Equate, Kuwait Oil & Gas Summit 2016 is held during 11-12 April with the participation of several senior officials from Kuwait Petroleum Corporation (KPC) and subsidiaries, as well as other oil, gas, petrochemical, scientific and academic organizations from around the world. – TradeArabia News Service