540 firms lineup for Saudi Print & Pack Exhibition

Updated 12 January 2016

540 firms lineup for Saudi Print & Pack Exhibition

RIYADH: A total of 540 companies from 24 countries are participating in the upcoming Saudi Print & Pack, Plastics and Petrochem Exhibition, which is scheduled to commence at Riyadh Exhibition Center (REC) on Monday.

Prince Saud Al-Abdullah Al-Faisal bin Abdulaziz, chairman, REC, said in his announcement here on Tuesday that the major exhibiting companies would include China, Taiwan, India and Italy.
Prince Saud in his welcome address highlighted the role played by the REC over the years in upgrading the MICE Industry by organizing hundreds of conferences and attracting thousands of exhibitors and visitors.
“The Saudi Print & Pack Plastics and Petrochemicals exhibition is an annual event that gathers the decision makers from the private and public sector, to discuss the latest trends in the industry and explore the local opportunities with a global audience attending from the 24 countries participating in the event,” the prince said.
The press conference was attended by the commercial attaches of China, Taiwan, Italy and India; media representatives, and sponsors’ represented by Fawaz Al-Fawaz, chief financial officer, National Industrialization Company (Tasnee); Ayoub Al-Ghamdi, vice president commercial and logistics, Saudi Polyemrs Co.; Ahmed Bu-Hazza, supply chain general manager, Advanced Petrochemical Company.
Sami Mohammed Al-Osaimi, vice president, Elastomers, PVC, PS, PET, PMMA and POM, explained that SABIC’s participation in this exhibition aims to present innovative and economic solutions that can be developed locally to promote sustainable development.
He confirmed that SABIC is committed through its participation in the exhibition to raise awareness about sustainability as a crucial industrial concept to preserves the future of our generations and natural resources, pointing out the importance of spreading the innovation culture among their visitors during the show.
He added that the specialized chemicals sector focuses its efforts to provide specialized products that offer solutions, and new modern applications for customers and end-users.
Al-Ghamdi said: “The exhibition is an excellent opportunity to exhibit the needs of a growing market in packaging, printing, and plastics industries, and sheds light on the latest technical development and techniques for current and future demands.” Ahmed Bu-Hazza, supply chain general manager, Advanced Petrochemical Company, said, “The Saudi Print & Pack, Plastics & Petrochemicals exhibition is the largest industrial event in the Middle East, the polymers field in particular and provides opportunities to communicate at all levels, which will support the growth and development of polymers products. The industrial manufacturing, especially in the Kingdom, thus accommodates the localization of this industry and of its technical support and development of the Saudi work force and to sustain the growth of this promising market, which is compatible with the goals of our government.”
Pramod Kumar Agarwal, second secretary (economic and commercial), Embassy of India, thanked the REC for organizing this significant event and said “The Kingdom of Saudi Arabia is the 4th largest trade partner with an annual bilateral trade of around $ 40 billion.” He added that India will be represented by more than 50 companies at the show and it is also arranging a B to B event in Riyadh.
Faisal AN, economic counselor, Taipei Economic & Cultural Representative Office, Taiwan, said: “The Taiwan pavilion will host 24 suppliers who are ready to show their cutting-edge products and technologies, and prove their expertise in making plastic and rubber machinery.”

Russia vows cooperation with OPEC to keep oil market balanced

Updated 21 November 2019

Russia vows cooperation with OPEC to keep oil market balanced

  • Moscow not aiming to be world’s No.1 crude producer, Putin tells annual investment forum

MOSCOW: President Vladimir Putin said on Wednesday that Russia and the Organization of the Petroleum Exporting Countries (OPEC) have “a common goal” of keeping the oil market balanced and predictable, and Moscow will continue cooperation under the global supply curbs deal.

OPEC meets on Dec. 5 in Vienna, followed by talks with a group of other exporters, including Russia, known as OPEC+.

“Our (common with OPEC) goal is for the market to be balanced, acceptable for producers and consumers and the most important — and I want to underline this — predictable,” Putin told a forum on Wednesday.

In October, Russia cut its oil output to 11.23 million barrels per day (bpd) from 11.25 million bpd in September but it was still higher than a 11.17-11.18 million bpd cap set for Moscow under the existing global deal. Putin told the forum that Russia’s oil production was growing slightly despite the supply curbs deal but Moscow was not aiming to be the world’s No. 1 crude producer. Currently, the US is the world’s top oil producer.

“Russia has a serious impact on the global energy market but the most impact we achieve (is) when working along with other key producers,” he said. “There was a moment not that long ago when Russia was the world’s top oil producer — this is not our goal.”

Russia plans to produce between 556 million and 560 million tons of oil this year (11.17-11.25 million bpd), Energy Minister Alexander Novak said separately on Wednesday, depending on the volume of gas condensate produced during cold months.

Russia will aim to stick to its commitments under the deal in November, Novak told reporters.

Russia includes gas condensate — a side product also known as a “light oil” produced when companies extract natural gas — into its overall oil production statistics, which some other oil producing countries do not do.

As Russia is gradually increasing liquefied natural gas production (LNG), the share of gas condensate it is producing is also growing. Gas condensate now accounts for around 6 percent of Russian oil production.

Novak told reporters that in winter, Russia traditionally produces more gas condensate as it is launching new gas fields in the freezing temperatures.

“We believe that gas condensate should not be taken into account (of overall oil production statistics), as this is an absolutely different area related to gas production and gas supplies,” he said.

Three sources told Reuters on Tuesday that Russia is unlikely to agree to deepen cuts in oil output at a meeting with fellow exporters next month, but could commit to extend existing curbs to support Saudi Arabia.

On Wednesday, Novak declined to say that Russia’s position would be at upcoming OPEC+ meeting. Reuters uses a conversion rate of 7.33 barrels per ton of oil.