Author: OBG Admin

Emmanuel Macron-President of France

Breaking new ground: Research has led to a range of alternative technologies and solutions

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Local scientists and engineers working in Saudi Arabia’s laboratories and on its test rigs have been making significant research and development (R&D) gains in the energy technology sector in recent years. In 2014, Saudi Aramco set a new record for inventiveness and innovation – 99 patents were granted to the company in the US, while an additional 154 applications were filed with the US Patent and Trademark Office for consideration during that year. The total number of patents granted to the company in the US marked a significant increase over the 57 granted in 2013 and 58 in 2012. Saudi Aramco operated 11 international research

Pham Hong Hai-CEO-HSBC Vietnam

Diversifying production: The Kingdom invests in a broad range of areas both upstream and downstream

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When OPEC’s member states announced that their crude oil production target would remain at 30m barrels per day (bpd) at a meeting in Vienna on November 28, 2014, Saudi Arabia was accused of waging a price war to preserve market share. The implication was that the country wanted to see the price of Brent crude fall so low that drillers in the US shale boom would no longer be able to break even. The OPEC decision sent the price of US crude tumbling by 10% on that Friday’s trading, its steepest one-day fall in five years. Brent crude prices, which had hit $114 a barrel

Peter Wong-Deputy Chairman and Chief Executive-HSBC

No cuts: OPEC’s largest producer keeps on pumping oil

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Production from Saudi Arabia’s oilfields will remain at near-record levels in the short to medium term, with Riyadh looking to maintain above-average output despite low prices. At its June 2015 meeting, OPEC decided to keep the bloc’s production at 30m barrels per day (bpd), the level that had been agreed the previous November. According to the International Energy Agency (IEA), combined output from the 12 member states for May 2015 was 31.3m bpd, with Saudi Arabia remaining by far the largest single contributor to production. Saudi Arabia pumped a record 10.3m bpd in May and flagged the possibility in June of raising output even further.

Mohammed El Etreby-Chairman-Banque Misr

Variety on tap: From refining to associated gas, the Kingdom’s product offerings are thriving

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Although gas production increased by more than 70% between 2003 and 2013 according to BP figures, harnessing its potential presents a number of challenges. Saudi Arabia has no plans to export gas, seeing it as feedstock for local power, desalination and petrochemical plants in order to free up more oil for export. GAS PRODUCTION: Saudi Aramco’s 2013 annual report, published in April 2014, revealed that its raw gas output for such plants was 4.02trn standard cu feet, the most in a single year in the company’s history. The firm also produced 455.9m barrels of natural gas liquids (NGLs), including 86.8m barrels of condensate. The report

Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

Cutting the cost: Plans to set up new logistics areas should benefit the whole transport sector

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Alongside efforts to develop transport infrastructure, Moroccan authorities are working to improve efficiency and bring down the costs for shipping, transport and distribution. A set of new measures – ranging from road interchanges to specialised industrial zones – are aiming to reduce logistics costs from the current 20% of GDP to 15% over the coming years. Under the National Strategy for Moroccan Logistics Competitiveness, established through a partnership between the Moroccan government and the General Moroccan Enterprise Confederation (Confédération Générale des Entreprises du Maroc, CGEM) in 2010, authorities and the private sector have been targeting reforms. Despite delays with the implementation of the programme, strides

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Handle with care: Expansion of port capacity will ease cargo handling on both of the kingdom’s coasts

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Port infrastructure in Morocco has been benefitting from upgrade work for several years now. In 2014 the total cargo traffic passing through the kingdom’s ports reached some 115.1m tonnes, up from 92.3m tonnes in 2012. Much of this increase was the result of a new, overarching development plan, the Port Strategy 2030, which was put together by transport authorities in 2010 to map out the country’s needs. The plan established that over the following two decades, a total investment of up to Dh74.9bn (€8.1m) will

Emmanuel Macron-President of France

Morocco developing stronger international diplomatic partnerships

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Although the kingdom’s foreign policy choices have always been driven by pragmatism, Morocco has lately become more audacious in the way it projects its international profile. Much of this has been the result of its successful ventures into sub-Saharan Africa, where the country is increasingly becoming an important economic player, as well as closer cooperation with the Gulf Cooperation Council (GCC) – in part a result in the North African kingdom’s trade strategy, which has sought stronger links with faster-growing markets. Furthermore, the Moroccan government is also seeking increasingly close ties and economic collaboration with traditional partners such as France and other European partners. The

Mark Geilenkirchen-CEO-Port of Sohar

Political participation increases in Morocco

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A tradition of centralised rule has typically limited the autonomy of the different administrative subdivisions in Morocco. However, the idea of greater devolution of power to local and regional authorities – to increase local participation in the governance process, to reduce development disparities and to improve transparency – has been gaining traction for decades, and a number of reforms are currently under way that seek to build upon some of the initial steps taken previously. The idea is not new, and has regularly been part of the political debate in Morocco since the 1970s and 1980s. In 1984, for example, King Hassan II even raised

Peter Wong-Deputy Chairman and Chief Executive-HSBC

Demographic changes lead to pension reform in Morocco

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Moroccans benefit from a comparatively extensive social safety net, including a fairly large and generous pension scheme that begins at age 60 for government workers. However, a slowdown in hiring, combined with a demographic bulge that is on the verge of retirement, has combined to stretch the finances of the pension system – a challenge that is facing governments the world over. The Moroccan government, with IMF support, is pushing for reform of the system, but discussions have been slowed given opposition from trade unions, which have expressed concerns over the broader impact of any reforms, along with subsidy cuts, to the cost of living

Daouda Coulibaly-Managing Director-Société Ivoirienne de Banque

Morocco cuts energy subsidies

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In the wake of the international financial crisis and the Arab Spring, Morocco has started running ever-widening fiscal and current account deficits. However, moves to slash energy subsidies, as well as the fall in international oil price, have helped to dramatically reduce both, boosting liquidity and exchange reserves. This has allowed the government to increase its focus on investment. Over the long term, the continued development of export-oriented industry, as well as plans to boost the role of locally generated renewable energy to replace costly fuel imports, should help keep a lid on the current account deficit (CAD). Fiscal Deficit The government has been running