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Contents Vienna, Austria Petroleum – cooperation for a sustainable future 20–21 June 2018 Hofburg Palace OPEC bulletin OPEC www.opec.org 7th OPEC international seminar: Building on cooperation The energy world will turn its eyes to Vienna on June 20–21 for the channels of dialogue and cooperation — while also stimulating Commentary OPEC Seminar, which will take place at the magnificent Hofburg new ones. Palace. So much has happened since the last Seminar was held All this will take place in the Hofburg, the former imperial in 2015, that this year’s edition of the international event is sure residence of the Habsburg dynasty, whose original structure dates to make for some very stimulating dialogue. back to the 13th century. After serving as the home to some of the This 7th edition will be particularly special in that it is the most important people in Austrian and European history over the first Seminar to be held since the historic OPEC and non-OPEC centuries, the elegant venue will host the OPEC Seminar for the ‘Declaration of Cooperation’ was signed on December 10, 2016. fifth time. This achievement has brought a strong international focus to Until 1918, the extensive complex was the political centre of OPEC, marking it as an institution which continues to take its the monarchy, and today fulfils the same role for the Republic mission to strive for oil market stability seriously. Indeed, the of Austria. Inside its walls, Emperor Joseph II once drew up his Organization has been ‘midwife’ to a collaborative decision among revolutionary programme of reforms, the Congress of Vienna met producers that before was never thought possible — and which and Emperor Franz Josef hosted audiences. Today, the offices of is unprecedented. the Federal President are located there. With markets growing in complexity, the need for broader co- OPEC also recently celebrated Vienna as host to 100 meetings operation is more important than ever before. Thus, this year’s of the OPEC Ministerial Conference, as well as the ‘Declaration OPEC Seminar will provide a unique platform for enhancing co- of Cooperation’ and other important OPEC events. The city has operation, while also engaging in open discussions. provided an environment that has allowed OPEC — and several Additionally, the theme ‘Petroleum — cooperation for a sus- other international organizations — to work and prosper, and is tainable future’ is certainly fitting, given today’s emphasis on regularly voted the most ‘livable’ city in the world. major global challenges such as sustainable development, the Along with the Hofburg, Vienna itself has an amazing history environment and energy poverty. In addition, the ‘energy tran- — having gone from being an imperial city, to the seat of the Holy sition’ — which was already a topic much debated at the bien- Roman Empire, to capital of the Austro-Hungarian Empire, and nial International Energy Forum meeting in New Delhi, India, finally to its most recent incarnation as capital of Austria, born in April of this year — will be the subject of much discussion. out of World War II as a republic. The city’s art, culture and mu- Understanding oil’s position in this rapidly changing landscape sic inspire millions worldwide. is important — and it is sure to remain a topic of conversation We hope that the beauty and inspirational spirit of Vienna, for many years to come. and its fame as a home to many international organizations, as More than 800 key players and decision makers will be on well as multitudes of cooperative decisions and debates in vari- hand at this year’s Seminar, including many ministers from OPEC ous international arenas will infuse this year’s Seminar. and non-OPEC countries. More than 100 high-level speakers and The 7th OPEC Seminar will — in the spirit of the city — facili- panelists — including captains of industry, officials from energy tate discussions among industry leaders on mapping future coop- and oil ministries, executives from international oil companies eration. What is clear is that ongoing vigilance regarding market and financial firms, along with representatives from international indicators is required, as well as quick and collective responses. organizations and research institutions — will give presentations. The OPEC Seminar thus will serve to reinforce OPEC’s long- The OPEC Seminar is divided into five sessions, covering a standing commitment to strive towards a secure and stable mar- range of topics. These include energy cooperation, technology ket in support of a healthy global economy. It will emphasize breakthroughs, the energy transition, investment in the oil in- the need for continuing promotion of cooperation and dialogue dustry and world economy and the future of oil. among all oil industry stakeholders — including producers and The event is sure to provide fresh insights into key petroleum consumers — for the long-term benefit of the industry and the industry issues and challenges, and is likely to enhance existing global economy. Contents 4 18 41 JMMC 4 An industry transformed: the 8th Joint Ministerial Monitoring Committee Meeting 8 Saudi Arabia and OPEC: A history of visionary leadership Lecture Series 12 Ali I Al-Naimi: OPEC icon returns to the Secretariat Iran Oil Show 18 ‘Made in Iran’: IR Iran petroleum industry seeking self-sufficiency 24 Thinking local 27 OPEC active at IR Iran Oil and Gas Show 28 Iran Petroleum Museums preserving oil history International OPEC Seminar 32 OPEC Seminar: Petroleum — cooperation for a sustainable future Forum 38 Looking beyond the short term: cooperation and innovation 41 Azerbaijan unveils phase two of Shah Deniz project Award 44 Abdullah Bin Hamad Al Attiyah — An OPEC and energy industry legend 46 OPEC Secretary General receives Abdullah Bin Hamad Al Attiyah Energy Award for Lifetime Achievement for the Advancement of OPEC Forum 48 OPEC Secretary General speaks at Uzbekistan Oil and Gas exhibition and conference Publishers OPEC Membership and aims OPEC OPEC is a permanent, intergovernmental Organization, Organization of the Petroleum Exporting Countries established in Baghdad, on September 10–14, 1960, Helferstorferstraße 17 by IR Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its 1010 Vienna objective — to coordinate and unify petroleum policies Austria among its Member Countries, in order to secure a steady Telephone: +43 1 211 12/0 income to the producing countries; an efficient, economic OPEC bulletin OPEC and regular supply of petroleum to consuming nations; and Telefax: +43 1 216 4320 a fair return on capital to those investing in the petroleum Contact: Editor-in-Chief, OPEC Bulletin industry. Today, the Organization comprises 14 Members: Fax: +43 1 211 12/5081 Qatar joined in 1961; Libya (1962); United Arab Emirates E-mail: [email protected] Cover (Abu Dhabi, 1967); Algeria (1969); Nigeria (1971); Angola Website: www.opec.org This month’s cover reflects the 8th Joint Ministerial (2007); Equatorial Guinea (2017). Ecuador joined OPEC in Monitoring Committee, which was held in Jeddah, 1973, suspended its Membership in 1992, and rejoined in Saudi Arabia, on April 20 (see story on p4). Website: www.opec.org 2007. Indonesia joined in 1962, suspended its Membership Visit the OPEC website for the latest news and infor- on December 31, 2008, reactivated it on January 1, 2016, mation about the Organization, and for back issues but suspended its Membership again on December 31, of the OPEC Bulletin, which are available free of 2016. Gabon joined in 1975 and left in 1995; it reactivated Vol XLIX, No 5, May 2018, ISSN 0474–6279 charge in PDF format. its Membership on July 1, 2016. 46 48 64 Shutterstock Shutterstock Forum 50 Transformations in the energy sector Spotlight 52 ADNOC announces major downstream plans Dialogue 54 American oil icon shares his views on shale oil with OPEC Interview 56 IEA head discusses OPEC cooperation, energy markets Newsline 60 Saudi Arabia to establish strategic solar energy project 61 Iraq partners with oil giants to boost production capacity 61 ADNOC to operate fuel stations in Saudi Arabia Focus on Member Countries 62 OPEC cities in focus 64 Jeddah: Bride of the Red Sea OPEC Fund News 72 Access to energy = powerful women Secretary General’s Diary 74 Visitors to the OPEC Secretary General Vacancy Announcements 76 Noticeboard 78 Market Review 79 OPEC Publications 85 Secretariat officials Contributions Editorial staff Secretary General The OPEC Bulletin welcomes original contributions on Editor-in-Chief Mohammad Sanusi Barkindo the technical, financial and environmental aspects of Hasan Hafidh Director, Research Division all stages of the energy industry, as well as research Editor Maureen MacNeill Dr Ayed S Al-Qahtani reports and project descriptions with supporting il- General Legal Counsel Associate Editors lustrations and photographs. James Griffin, Mario Fantini, Asma Muttawa Scott Laury, Mathew Quinn Head, Data Services Department Editorial policy Contributors Dr Adedapo Odulaja The OPEC Bulletin is published by the OPEC Basma Aribi, Ayman Almusallam Head, PR & Information Department Secretariat (Public Relations and Information Production Hasan Hafidh Diana Lavnick Department). The contents do not necessarily reflect Head, Finance & Human Resources Department Design and layout Jose Luis Mora the official views of OPEC or its Member Countries. Carola Bayer, Tara Starnegg Head, Administration & IT Services Department Names and boundaries on any maps should not be Photographs (unless otherwise credited) Abdullah Alakhawand regarded as authoritative. The OPEC Secretariat shall Herwig Steiner, Wolfgang Hammer Head, Energy Studies Department not be held liable for any losses or damages as a re- Distribution Dr Abderrezak Benyoucef sult of reliance on and/or use of the information con- Mahid Al-Saigh Head, Petroleum Studies Department tained in the OPEC Bulletin. Editorial material may Behrooz Baikalizadeh be freely reproduced (unless copyrighted), crediting Head, Office of the Secretary General the OPEC Bulletin as the source. A copy to the Editor Indexed and abstracted in PAIS International Shakir Mahmoud A Alrifaiey would be appreciated.
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