Roudi Baroudi hails WPC and Qatar's achievements, insists on need for dialogue

Doha, Qatar (12 December 2011):  With industrialists from all parts of the globe having recently in Qatar for the World Petroleum Congress, Doha-based energy economist expert Roudi Baroudi, offered insight on the importance of the WPC and other matters relating to the states of the global and local hydrocarbon sectors.

"For the first time in the 75-year history of the congress, the event is being held in the Middle East, and Qatar is definitely proud of this," said Mr. Baroudi.  "This is a testament to the great strides that Qatar has made in the last decade or so in refining and developing its gas industry."

Bringing together experts and industrialists from both petroleum producing countries and consumer nations, each WPC event aims to enhance cooperation among all involved in order to align policy, technologies, and other matters of major importance for the entire industry.

"Cooperation and dialogue - among OPEC and non-OPEC countries, national oil companies (NOCs) and their international counterparts (IOCs), corporate stakeholders and policymakers - is not just beneficial but actually essential to harmonize supply and demand within the global energy economy," explained Mr. Baroudi.  "A wealth of knowledge and experience [was] exchanged at the gathering that will help bring about new solutions for the major energy challenges facing future generations".

Mr. Baroudi also commented on the prospects and scenarios for "Big Oil" - the petroleum industry giants - in the face of massive growth in medium- and long-term energy demand resulting from the surge of emerging markets.

"The world does not have enough conventional energy resources to keep meeting such levels of demand," said Mr. Baroudi, "but it has plenty of unconventional resources like hydro, plenty of solar, biomass, and shale oil that still need to be developed.  As a result, natural gas is coming into its own as a major part of the energy mix due to its availability, its competitiveness versus other fuels, and that fact that it's relatively 'greener'.   If we look at Qatar as an example, the country's astonishing accomplishments in LNG production and heavy investments in large-scale trains have enhanced security of supply for Europe, the United States and the Far East."

In his concluding remarks, Mr. Baroudi also suggested that natural gas prices should be tied to oil prices, rather than specific and sometimes volatile market conditions.

"Gas producers should recommend and work towards gas prices that follow oil prices as it is illogical for major discrepancies to exist between the two," he said.

Mr. Baroudi, an energy economist residing in Qatar, is also Secretary General of the World Energy Council - Lebanon Member Committee. He can be reached at wecleb@wec-lebanon.org.

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For further information please contact:
Krikor Khatchikian
Senior Account Manager
Cohn&Wolfe Public Relations, Doha, Qatar
Telephone: +974 4428 3177
Email: krikor.khatchikian@cohnwolfeqatar.com

© Press Release 2011