Qa'dah 24, 1431 / Nov. 01, 2010, SPA -- Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia Ali I. Al-Naimi delivered here today a speech at the Singapore International Energy Week 2010 Summit. Under the title “The Role of Petroleum in the True Smart Energy Economy,” the minister said that this summit affords a venue for the timely exploration of best practices, policies and solutions for a smart energy platform, bringing economic development, energy security, and environmental and financial sustainability into balance. He added, "I welcome this opportunity to share Saudi Arabia's perspectives." He said, "This year's International Energy Week theme, “Fueling the Smart Energy Economy,” responds to a fast-changing energy scene that demands our readiness to meet fast-growing demand, within the smart-energy criteria of supplies that are adequate, available, affordable, and in line with environmental imperatives. "Of course, the main driver in this transformational energy scene is structural: the movement of most of the world's economic growth to Asia. We need look no farther than Singapore, one of Asia's fastest-growing economies, for a cosmopolitan emblem of the dawning Asian Century. Singapore's emergence as a key global financial center, its prominence in the dynamic pharmaceutical and electronics sectors - and very significantly, its swift emergence from the global downturn - are representative of Asia's increasing clout. "Energy demand is projected to grow by 40 percent within the next two decades, as more people attain higher levels of prosperity and need more energy to power their improving lifestyles. "In contrast to the West's mature, industrialized economies, phenomenal growth is taking place throughout Asia's emerging economies, especially China, India and the Middle East, where nascent middle classes are newly acquiring cars, traveling, and buying more consumer goods. "This new energy demand will also be fed by the energy aspirations of the developing world, and the phenomenal growth of global population by another 2 billion in the next 20 years. "So while the immediate symbol of Asia's new energy intensity may be the greater number of cars on the roads in Shanghai, the impact of this higher consumption is manifested in both dramatic and subtle ways. Twenty years ago, considerably fewer Asian peoples, especially in rural areas, routinely owned private transportation. "Today, we see Asia's energy consumption ranging from Singapore's global debut of the luxurious Airbus A380 super-jumbo jets - which incidentally claim the world's cleanest turbofan engines - to China's emerging status as the world's biggest energy consumer. With new middle and upper classes' purchasing parity, as seen in greater business and tourism travel, greater private transportation and more extensive goods consumption, Asia will account for 60 percent of global energy growth through 2030. --More
