October 1st, 2019 [Gulf Intelligence] – H.E. Dr. Sultan Al Jaber, Minister of State & Group CEO of ADNOC, Received The 2019 New Silk Road CEO of the Year Honorary Award from the Fujairah Crown Prince & Aramco Trading CEO.
H.E. Dr. Sultan Al Jaber, Minister of State and Group CEO of ADNOC, was presented with the Aramco Trading New Silk Road CEO of the Year Honorary Award 2019 by Mr. Ibrahim Al-Buainain, CEO of Aramco Trading, at the 9th Energy Markets Forum in Fujairah. The prestigious event was hosted by the Government of Fujairah and in the presence of H.H Sheikh Mohammed Bin Hamad Al Sharqi, Crown Prince of Fujairah.
This distinguished annual award was inaugurated in 2017 to recognize the industry leaders who are pioneering the connectivity of the international energy industry across the New Silk Road, from Asia to the Middle East and Africa. Much of this economic integration is built on a foundation of physical energy supply, which stretches from the producing fields of the Arabian Peninsula to the massive consuming populations of Asia.
“The New Silk Road is reshaping the flow of global trade. By 2040, countries east of the UAE will account for more than two-thirds of global GDP, becoming the world’s most significant driver of energy demand,” said H.E. Dr. Sultan Al Jaber. “ADNOC is leveraging the UAE’s unique geographic location at the gateway to this region and Fujairah is a critical enabler of this strategy,” he added.
“Fujairah is a key partner for ADNOC’s growing ambitions in global energy trading. As we make progress on our 2030 strategy, we are expanding exploration and optimizing our resources. We are well on track to expand our crude production capacity to 4 million barrels by 2020 and 5 million barrels by 2030. We are also unlocking vast reserves of natural gas to realize our goal of self-sufficiency and to eventually transition into a net exporter,” H.E. Dr. Sultan Al Jaber concluded.
The Honorary Award category was added to acknowledge the stand-out CEO who made the most significant impact across all four of the celebrated energy sectors of Trading, Refining, Storage and Ports over the previous year. ADNOC’s pioneering activities in 2019 included the establishment of a joint-venture trading company with Eni and OMV, plus an agreement with South Korea’s SKEC to build the world’s largest single underground facility for oil storage.
“In the 16 months since H.E. Dr. Sultan Al Jaber unveiled the ADNOC Downstream Strategy, scarcely a month has gone by without a major announcement on the latest piece in the company’s downstream jigsaw puzzle that stretches from the Middle East to Asia,” Mr. Al-Buainain said while introducing the 2019 Honorary Award nominee. “This determination to never put off until tomorrow what you can deliver today has been a signature characteristic of Dr. Sultan Al Jaber throughout his career,” he said.
The main theme of the 2019 Forum focused on the new IMO 2020 regulation that comes into force on Jan. 1st, 2020, with the International Maritime Organization’s (IMO) ruling of a 0.50% global sulfur cap for marine fuels, down from 3.5%. Compliance to the landmark decision by the IMO demands rapid adjustments across the global fuel supply chain and has already had far-reaching consequences on shipping economics, global freight rates, refinery runs and trading arbitrage.
H.E. Dr. Sultan Al Jaber joined Mr. Ibrahim Al-Buainain, CEO, Aramco Trading; Mr. Mele Kyari, the CEO of the Nigerian National Petroleum Corporation; H.E. Admiral Mohab Mohamed Hussein Mamish, Presidential Adviser of the Suez Canal Economic Zone Projects and Egyptian Seaports; and Mr. Mike Muller, the Head of Trading in Asia for Vitol at the event in Fujairah. Forty other 40 speakers also addressed the gathering of 250 industry executives and government officials.
The Forum’s title sponsor, the Port of Fujairah, was joined by other key partners: Aramco Trading, Vitol, S&P Global Platts, Mercuria, Uniper and National Bank of Fujairah. This year’s media partners are Marasi News and Tank Terminals.
The New Silk Road CEO of the Year Awards, presented last night at a gala dinner ceremony in Fujairah, were hosted by Aramco Trading Company and produced by Gulf Intelligence Under the Patronage of H.H. Hamad bin Mohammad Al-Sharqi, Member of the Supreme Council and Ruler of Fujairah.
H.E. Admiral Mohab Mohamed Hussein Mamish, recently retired Chairman of Egypt’s Suez Canal Authority, led the class of 2019 by winning the Ports Award. This also included Mr. Arif Mahmood, CEO of Downstream, PETRONAS, who was recognized in the field of Oil Refining. Mr. Thomas Waymel, President of Trading & Shipping for TOTAL, received the 2019 Award for Energy Trading, and Mr. Roger Chia Kim Piow, Founder and Chairman of the Rotary Group of Companies, received the trophy for the Advancement of Oil Storage Capacity on the New Silk Road.