Oman Oil Marketing Company’s CEO participated in the Gas & LNG Middle East Summit 2018. Part of a commercial panel entitled ‘From Producers to End-Users’, Kalife showcased the company’s ship bunker fuel supply capabilities to industry leaders from Europe, Asia, USA, and the Middle East. Hosted in Muscat, under the patronage H.E. Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, this year’s Summit focused on key areas for the development of gas infrastructure paying special attention to Liquified Natural Gas (LNG) as a ‘future proof’ fuel.
The only fuel marketing company speaking at the event, the CEO underscored the increasing international demand for bunker fuels within the shipping sector, highlighting the great potential for LNG as an alternative to high-sulfur fuel due to its environmentally friendly benefits. With mandates for cleaner fuels coming into effect by 2020, industry experts predict that by 2030, demand for LNG will grow from its current 1 million tons per annum to anywhere between 20 to 30 million tons per annum.
Addressing gas and LNG supply and demand fluctuations and market trends from buyers and end-users perspectives, Kalife said, “With the change in international regulations to push ships to use fuel with a lower sulfur content, the marine shipping industry is looking to LNG as the fuel of the future. As a result, the development of LNG bunker infrastructure has increased worldwide.”
He added, “At Oman Oil Marketing Company, we understand the challenges that will rise but given the future benefits and expected shift towards LNG bunkering, we are serious in considering it as an alternative fuel and will continue to explore viable solutions and partnerships, as well as identify innovative ways to mitigate the risks in this ever-changing market and regulatory environment.”
A key player in the Sultanate’s fuel supply chain, Oman Oil Marketing Company has been developing its bunker fuel business for several years. With a strategic plan to ensure the long-term cost-effective supply of bunker fuels in ports across Oman, the company is currently focused on building physical storage facilities, including a bunker fuel terminal to be constructed at the Port of Duqm, the country’s maritime logistics hub.
With over 40 speakers and 400 participants, the summit explored topics on upstream, midstream and downstream sectors of the industry. A one-stop resource for all gas & LNG business needs, this year’s Gas & LNG Middle East Summit continued for two days at the Oman Exhibition and Convention Center.