Business | General
Adipec ends on strong note after catalysing deals worth billions
The curtain came down on the 13th Abu Dhabi International Petroleum Exhibition and Conference (Adipec-2008) here on Thursday and the organisers claimed it was the most successful Adipec ever, with contracts resulting from the four-day event going into "billions of dollars".
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:22 November 6, 2008
Abu Dhabi: The curtain came down on the 13th Abu Dhabi International Petroleum Exhibition and Conference (Adipec-2008) here on Thursday and the organisers claimed it was the most successful Adipec ever, with contracts resulting from the four-day event going into "billions of dollars".
The event was opened at the Abu Dhabi National Exhibition Centre on Monday by General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Later that day, British Prime Minister Gordon Brown addressed a gathering of some of the top energy executives from around the world.
High-level dignitaries at the conference included Energy Minister Mohammad Bin Dha'en Al Hamili and his counterparts from other GCC countries.
Supply cut announcement
The conference heard Al Hamili's announcement that the UAE had begun implementing crude oil supply cuts in line with the decision of the Organisation of Petroleum Exporting Countries (Opec) that its members should cut production by 1.5 million barrels per day (bpd) by November 1 in a bid to halt the slide in global crude oil prices.
In all, there were 1,500 exhibitors and it attracted more than 37,000 people from the industry over a four-day period.
Attendees came from 89 countries with Saudi Arabia, Norway and South Korea opening their own national pavilions for the first time.
Deals announced included a memorandum of understanding (MoU) between the Abu Dhabi National Oil Company (Adnoc) and global energy major Shell under which Shell will evaluate potential joint exploration, development and production with Adnoc of offshore deep gas field prospects.
Adipec also saw Esnaad, an Adnoc subsidiary, whose business includes marine services and oil field services, announcing that it had awarded a long-term contract worth approximately Dh60 million to Abu Dhabi Ship Building (ADSB) for the maintenance of its fleet of offshore support vessels.
Positive feedback
"The next Adipec is taking place from November 1-4, 2010 and already 80 per cent of the exhibition space has been pre-booked, giving a tangible demonstration of the positive feedback across the board from exhibitors this year," said the organisers.
Adipec has been held in Abu Dhabi every two years since it started in 1984.
More from Business General
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
