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Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs: The World We Live in Is Changing Faster than Ever Leading to the Emergence of New Patterns of Economic Relations 8 Riyadh
term fundamentals of energy markets, and would enable the region maintain its export capability," the Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs said. While GCC's links to the global economy have been shaped by crude oil trade flows, the nature of these links continue to evolve as countries in the region turn more of their crude oil into refined products and petrochemical products-in an attempt to diversify their economic and revenue base, capture more value added for local economies, and expand the knowledge base of the GCC economies by developing their capacity to make a large variety of complex products. As the Saudi Minister of Petroleum and Mineral Resources Mr. Ali Al Naimi noted few years ago, 'Saudi Arabia today is highly dependent on one source of revenue from hydrocarbons production ... we cannot continue forever on this source of income... let us do our best to diversify the economy, industrialize and eventually move to a knowledge society'. An integral part of this strategy has been the development of industrial parks and clusters around the petrochemical industry. Initiatives like Saudi Arabia's Industrial Clusters - where the development of sectors such as automotive ventures, solar energy, plastics and packaging, and home appliances is encouraged - clearly indicate regional governments' willingness to invest in establishing the appropriate framework to enhance downstream integration and to develop a manufacturing base with all of its supporting activities, including training and research centers and R&D laboratories. Another important component has been the integration of refineries and petrochemical operations; a trend that has gathered momentum in recent years, evident from the start of new megaprojects such as Sadara, Petro Rabigh, Yasref, Satorp and Jazan. --More 19:59 LOCAL TIME 16:59 GMT تغريد
