Natural Gas at a Turning Point: Experts Say at GECF Workshop
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10 Thursday, July 16, 2020 Economy & Business Doha Bank-hosted webinar explores Natural gas at a turning point: means to enhance Qatar, S Korea ties Experts say at GECF workshop The vital role of natural gas in energy transition and sustainable development highlighted at the webinar TRIBUNE NEWS NETWORK vanced economy group is DOHA projected at – 8.0 percent in 2020, growth in the THE fourth industrial rev- group of emerging market olution, smart agriculture, and developing economies e-learning and smart cit- is forecast at –3.0 percent ies are some of the areas in 2020. in which Qatar and South South Korea, he said, Korea can explore oppor- according to IMF is expect- tunities to cooperate with, ed to contract by 2.1 per- Doha Bank Group CEO R cent in 2020. In May 2020, Seetharaman has said. South Korea’s central bank Addressing a webinar cut its benchmark interest organised by Doha Bank on “bilateral and synergis- tic opportunities between Qatar and South Korea”, he said Qatar was an im- portant engineering, pro- curement and construc- Increasing tion (EPC) market for South Korea. cooperation “Many Korean con- Qatar-South Korea trade struction companies have participated in various in- exceeded $13 billion in frastructure projects such 2019. Kogas has a as the Lusail Expressway, standing LNG agreement Umm Haul Power & Hyun- with Rasgas. In June 2020 dai Engineering and Con- Qatar has signed a deal struction,” he said. worth around $20 billion Highlighting the Qa- with Daewoo Shipbuilding & tar-South Korea bilateral Marine Engineering Co., relations, Seetharaman Hyundai Heavy Industries said Prime Minister of Co. and Samsung Heavy South Korea met with Qa- Industries. Qatar is an tar Deputy Prime Minister important engineering, and Minister of Foreign Speakers at the GECF Annual Workshop on Promotion of Natural Gas Demand, which was held virtually this year due to COVID-19. Affairs in August 2018. procurement and His Highness the Amir sonstruction (EPC) market TRIBUNE NEWS NETWORK sion the 5th GECF Summit of ronas, Ibrahim pointed out of the State of Qatar Sheikh for South Korea. DOHA Heads of States and Govern- that the rising number of LNG Tamim bin Hamad Al ment, all of which guide the importing countries from Thani visited South Korea rate to 0.5 percent. In June INCREASED cooperation GECF to advocate for the ver- We recognise the vital role that natural gas has to play in merely 15 in 2005 to 39 coun- in January 2019. During 2020 South Korea unveiled between producers and buy- satility of natural gas based energy transition and sustainable development as we strive tries in 2019 shows that LNG the visit five MoUs were $29 billion stimulus budg- ers, digitalisation across the on fair pricing policies and a for energy security for all nations. Now more than ever, is well positioned to prosper signed between Qatar and et as part of its third sup- value-chain, investment in in- level playing field, amongst there must be a spirit of collective collaboration amongst as the most significant source South Korea, he added. plementary budget. frastructure and research and other factors. industry players in order to sustain existing markets, and of energy in the future. He Qatar-South Korea The webinar also fea- development in innovative “We recognise the vital also highlighted some creative trade exceeded $13 bil- tured Qatar’s Ambassador technologies will play a pivot- role that natural gas has to more so to create new promising ones. LNG solutions including LNG lion in 2019, Seetharaman to South Korea HE Mo- al role in positioning natural play in energy transition and GECF Secretary-General Yury Sentyurin bunkering, virtual pipeline said. Kogas has a standing hammed Ahmad Al Hayki gas as a fuel of choice for the sustainable development as system, small-scale break- LNG agreement with Ras- and South Korean Finan- 21st century global economy. we strive for energy security The keynote speakers in- the core source of energy in bulking and vertical integra- gas. In June 2020 Qatar cial Supervisory Service’s These were some of the for all nations. Now more cluded the President of In- the development programmes tion that will create new and has signed a deal worth International Affairs De- key messages of the distin- than ever, there must be a ternational Gas Union (IGU) and climate change policies, niche markets. around $20 billion with partment General Director guished line-up of interna- spirit of collective collabora- Joe M Kang, Executive Chair- in delivering energy to the Furthermore, Ibrahim Daewoo Shipbuilding & Byung Chil Kim. tional gas industry leaders tion amongst industry players man of African Energy Cham- continent’s consumers, more stated that the value of natu- Marine Engineering Co., The ambassador said and panellists who participat- in order to sustain existing ber NJ Ayuk, Chairman of broadly in alleviating energy ral gas should be preserved Hyundai Heavy Industries South Korea was the sec- ed in the third GECF Annual markets, and more so to cre- Egyptian Natural Gas Hold- poverty. while creating a level-playing Co. and Samsung Heavy ond most important trad- Workshop on Promotion of ate new promising ones,” said ing Company (EGAS) Magdy Ayuk emphasised the cru- field between producers and Industries Co, Seethara- ing partner of Qatar and Natural Gas Demand. Secretary General Sentyurin. Galal and Vice President LNG cial need for development consumers. man said. highlighted the role of The widely attended “We also recognise the Marketing & Trading of Pet- of the gas industry in Africa The GECF Gas Market Sharing insights on Doha Bank in helping en- workshop, held virtually, was crucial role of digitalisation as ronas Shamsairi Mohd Ibra- through investment in infra- Analysis Department Head the global economy, the hance Qatar–South Korea organised by the Gas Export- we strive to reduce cost across him. The session was followed structure and industries. Mahdjouba Belaifa then spoke Doha Bank GCEO said ac- bilateral relations. ing Countries Forum (GECF) the natural gas value chain by two immersive panel ses- Following this, Dr Galal about the importance of this cording to the IMF, the Kim highlighted the at a critical time for the gas and enhance the competitive- sions. pointed out the steps taken by annual workshop for the in- global economy growth is agreements signed by industry which is facing un- ness of natural gas.” In his intervention, Kang the Egyptian government in dustry and the GECF’s role in projected at – 4.9 percent South Korea and Qatar re- precedented levels of com- The Secretary General referred to the messages stemming the decline in con- aligning many voices as one in 2020, growth in the ad- cently. plexity and market upheaval noted that the workshop published in the IGU’s latest sumption in Egypt due to the voice. brought on by the COVID-19 was instrumental in increas- report, ‘Gas Technology and COVID-19 impact, which has She explained that in the pandemic and persistently ing awareness of natural Innovation for a Sustainable seen a drop in demand by 13 previous two workshops the mild winter. In spite of this, gas within the framework of Future’, and focused his re- percent between January and key identified areas for natural the speakers opined that nat- global energy security and marks on the potential that May 2020 compared to last gas were held with a focus on ural gas is the fuel that can provided potential strategies technology can offer in reduc- year. cost competitiveness, policy achieve the UN Sustainable to promote natural gas de- ing greenhouse gas emissions According to him, whilst advocacy, importance of long- Development Goals and the mand, some of which include and improving energy access. the government lowered the term oil indexed contracts for objectives of Paris Agreement the crucial role of advocacy He also highlighted the urgen- price of gas in the industrial the security of supply, devel- as its credentials far outweigh for natural gas, government cy of investment decisions to sector, more incentives need- opment of infrastructure, and that of other energy sources policies that need to encour- be made if this potential is to ed to be provided by it, espe- new business models. such as coal and oil. age natural gas utilisation, be realised. cially in the upstream activity She highlighted some of Welcoming the audience, cooperation amongst mar- For his turn, Ayuk thanked by providing flexible terms in the proposed actions after the the GECF Secretary General ket stakeholders, the role of the GECF for bringing the the concession agreements. workshops such as reinforce- Yury Sentyurin outlined the technological disruptions, natural gas agenda to Africa, Over the long-term, he said, ment of dialogue, role of R&D, salient points that leverage importance of robust pricing particularly by hosting the Fo- serious actions should be con- fair access to technology, en- gas industry’s growth and mechanisms to secure sus- rum’s Summit in Equatorial sidered by the gas industry in gagement of policymakers in highlighted the Forum’s ef- tainability of supply, invest- Guinea and thereby in Africa terms of adapting new strate- advocacy for fair policies to- forts in promotion of natural ment in infrastructure in con- for the first time, in 2019. gies to ensure sustainability wards natural gas, the role of gas, in line with the GECF sumer countries, and other He also appreciated the of the business. This might social media to sensitise vari- Doha Bank Group CEO R Seetharaman and other dignitaries at a Statute, the GECF Long-Term actions that will be studied GECF’s work in promoting include significant structural ous segments of the public, as webinar hosted by the bank.