In remarks at a recent energy conference in Goa, India, Saudi Aramco's president and CEO Abdallah S. Jum'ah reminded his audience of the historically strong ties between the merchants of the Arab world and the host city, which was an important center of the spice trade.
Today, however, it is, as Jum'ah noted, "a different kind of 'black gold' that brings us to Goa." In the past, demand for spices ushered in an early form of globalization and made necessary new political and commercial relationships among countries. Now, it is petroleum that spurs world trade and global economic development.
Jum 'ah was speaking at the World Oil and Gas Assembly, held from December 5 to 7, 2003. Saudi Arabia, Jum'ah pointed out, is a key player in the economic development of Asia.
In 2002, Jum'ah said, Asia consumed some 21 million barrels of crude oil every day. Nearly half of those barrels were delivered by Middle Eastern producers, and a quarter of that came from Saudi Arabia. India is the fourth largest oil consumer in the Far East and the third largest oil importer.
Jum'ah noted that, within the region, the "scope for further industrialization and economic diversification is high, and prospects for future economic growth are good." Saudi Aramco, Jum'ah said, is "prepared to meet that growing demand."
During the event, Jum'ah met with top executives from Bharat Petroleum Corporation, Reliance Industries, Hindustan Petroleum Corporation and Oil and Natural Gas Corporation. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
