Long live oil

Long live oil

Oil still has decades of expansion ahead, so that the transition to renewable energies will be long, as predicted today by two producing countries such as Saudi Arabia and Egypt in the regional edition of the World Economic Forum.

The peak of the demand for oil in the world "will come in the middle of the century or later," the minister warned. Energy Saudi, Khaled al Faleh, in a plenary session on the first day of the Forum, which takes place in Jordan.

"The peak will come in the middle of the century or later. I do not know, but it will not be soon. We will continue investing in oil "said the head of Saudi Arabia, the world's largest crude oil producer.

In his opinion, the transition to renewable energies "will cost many, many decades".

The thirst for oil, according to Al Faleh, will continue to grow due to the increase in population and the rise to the middle class of millions of people in the world, who will demand more Energy for your stoves or air conditioners.

In addition to promoting renewable energies, the Saudi minister assured that his country is trying to contribute to the environment by "investing heavily in cleaning oil and gas," which means making a "radical redesign" of the combustion engine to make it more efficient and more sustainable

"The kingdom will not abandon oil, it will continue to be the driver, for many decades, of economic growth and also, a platform for our industry. The difference is that we will use it to build pyramids of added value, "he said.

In another session of the Forum, focused on the future of the Energy In the Middle East, Egypt's oil minister, Tarek al Mola, argued that his country can not afford to give up exploiting the wealth of natural gas newly discovered in the Mediterranean Sea for its own development needs.

"We all believe that renewables will be the goal, but this is Middle East time. We need to develop our countries, we need a lot of funds, many things are done, so that people can feel the benefits, "Al Mola said.

In the perspective of Egypt, according to Al Mola, there is no place to think about renewable energies when in the country people are still "talking about food and bread".

Gas discoveries made in recent years in the eastern Mediterranean, in waters of Egypt, Cyprus, Israel and Lebanon, will mean a "game change" for this region.

"We want to use this gas not only for the welfare of the people, but to be a source of confidence for Europe," said the Egyptian minister.

The Forum was inaugurated today by the Secretary General of the UN, António Guterres, who invited the nearly 1,000 attendees to bet on investing in the Middle East, a region that he believes has a "great capacity for dynamism" to develop.

"I am convinced that it is crucial to look to the Middle East not only as an area of ​​conflict, but as a region of opportunities," said Guterres.

The general secretary, however, put his finger on the yaga and pointed out that the Middle East should strive to promote women's equality, as a method to boost their economies.

Guterres stressed that there are studies that indicate that if the "total and real parity" between men and women is reached, the Gross Domestic Product (GDP) of the region will increase by 2.7 trillion dollars by 2025.

The conference, which takes place between Saturday and Sunday on the shores of the Dead Sea, is attended by nearly 1,000 leaders of government, business, civil society and the academic world, from some 50 countries, including the presidents of Palestine, Armenia and the Vice President of Panama, Isabel de Saint Malo.

The conference, the tenth that the World Economic Forum has held in Jordan since its launch in 2003, seeks to find solutions and recommendations on how to address the challenges facing the Middle East and North Africa, a region of 400 million people.

Other issues that are on the agenda include climate change, managing cyber risks and the fourth industrial revolution.


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