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Volume
44
Issue
3
OAPEC Member Countries
HE KHALID AL FALIH AWARDED ‘INTERNATIONAL
OIL DIPLOMACY PERSON OF THE YEAR 2017’
Saudi Arabia’s Minister of Energy,
Industry&Mineral Resources, HEEng. Khalid
Al Falih was awarded the ‘International Oil
Diplomacy Person of the Year 2017’ Award,
which he received in person during the
Energy Institute’s International Petroleum
(IP) Week on 22 February 2018 in London.
The selection of Al Falih came in
appreciation and recognition of the
pivotal role he played during 2017 in the
implementation of the Vienna Agreement
to cut global oil supply, which played a
seminal role in eroding record inventories
and pushing oil prices to consolidate above
$60 a barrel.
Al Falih, who remains Chairman of the
Joint Ministerial Monitoring Committee for
the OPEC non-OPEC Vienna Agreement,
said he was happy to receive the Award.
“As President of the OPEC Conference,
you have shown exemplary vision and
leadership through 2017 with your
stewardship of the implementation of the
“historical” agreement to seek oil market
stability among some 20 OPEC and non-OPEC
countries to the benefit of producing and
consuming nations alike,” said Malcolm Brinded
CBE, President, Energy Institute.
Saudi Aramco and Malaysia’s PETRONAS signed a Share Purchase Agreement (SPA) to build a
giant refining complex in the southern Malaysian state of Johor. The project, with a capacity of
300,000-b/d, is joint venture between the two companies.
Aramco will supply as much as 50% to 70% of the refinery’s feedstock requirements, representing
a large percentage of the commercial exchange between KSA and Malaysia. The project will also
contribute to increasing KSA’s current refining capacity from 5 million b/d to 8-10 million b/d by
2030. Chemicals production should increase from the current 12 million MT to 34 million MT/year
during the same period.
ARAMCO & PETRONAS SIGN SPA