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GCC Says it Plays Major Role in Ensuring Energy Security

The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi
The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi
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GCC Says it Plays Major Role in Ensuring Energy Security

The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi
The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi

The Secretary General of the Gulf Cooperation Council, Jassem Mohamed Albudaiwi, stated that GCC states are key players in ensuring energy security.

In a speech at a conference in Bahrain, Albudaiwi highlighted the GCC's consistently proven reliability as an energy partner, stating that the commitment of Gulf states to achieving stability in global energy markets has been evident over the decades.

The 19th Manama Dialogue Conference 'Regional Security Summit', organized by Bahrain’s Ministry of Foreign Affairs in cooperation with the International Institute for Strategic Studies (IISS), was held on November 17-19 in Manama, in the presence of Ministers, heads of security services, experts and politicians.

Albudaiwi emphasized the importance of the strategic efforts made by the GCC to enhance energy security, including a focus on renewable energy sources, strong investment in research and development for sustainable energy solutions, enhancing the efficiency of energy practices, and encouraging private sector collaboration in joint projects.

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Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
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Saudi Energy Minister: Petroleum and Petrochemical Law Guarantees Fair Competition for Investors

Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)
Saudi Energy Minister Prince Abdulaziz bin Salman. (Reuters)

Shortly after the Saudi Cabinet approved the Petroleum and Petrochemical Law, Energy Minister Prince Abdulaziz bin Salman said on Tuesday the regulation aims to achieve a set of goals, mainly regulating petroleum and petrochemical operations, in a manner that contributes to economic growth.

The law also backs efforts to attract investments, elevates employment rates, upgrades energy efficiency, safeguards consumers and licensees, while ensuring product quality and creating a competitive environment that fuels fair economic yields for investors, the Minister said.

Prince Abdulaziz expressed his gratitude to Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, for the Cabinet’s decision to approve the new law.

He praised the Saudi leadership for its support and empowerment of the energy sector, and its contribution in boosting the sector’s productivity to achieve the targets of Vision 2030.

The new law helps in building the local energy sector’s legislative framework, Prince Abdulaziz went on to say.

“This is accomplished by leveraging the top-tier international practices, boosting performance, achieving national objectives, and ensuring the optimal use of petroleum and petrochemical resources,” he said.

The new law, replacing the Petroleum Products Trade Law, helps ensure the security and reliability of local petroleum and petrochemical supplies, the minister explained.

This is on top of achieving optimal utilization of raw materials, supporting the localization of the industry’s value chain, enabling national strategies and plans, and enhancing the control and supervision of petroleum and petrochemical operations to step up compliance with laws and regulations, he added.

The new law combats practice violations by regulating the activities of use, sale, purchase, transportation, storage, export, import, packaging, and processing of these resources.

It also regulates the establishment and operation of distribution channels and petrochemical facilities, said Prince Abdulaziz.