The UAE will hold its first Wolrd Expo in Dubai on 20th October 2020 for 173 days. In the lead-up to this much anticipated global event, the region is pumping in extra efforts to boost its economy and foster stronger relations with its strategic global partners.
The UAE has one of the largest oil and gas industry across the world. Oil and gas in the UAE are some of the core elements of the UAE national economy. Previously the UAE economy was totally dependent on traditional activities like pearl fishing, date palm plantations, and fishery. But the opening of the first oil industry, this economic sector has completely transformed. The products of the oil industry are some important sources of revenue from the export of raw materials. The industry of oil and gas has contributed an important part to the United Arab Emirates with an extremely high amount of per capita income.
It should be noted that the Government of the UAE carries out an active diversification of the national economy. The assets and the products coming from the oil and gas sector are invested in other industries such as manufacturing industry tourism, trade, agriculture, and the social sector to improve the economy of the country. Thus, the oil and gas industries in the UAE made it possible to establish a well-developed infrastructure with sci-fi technology and tried to attract thousands of foreign investors every year.
Oil and Gas Industry in Dubai
A system of pipelines, well-equipped machinery, which connects field facilities, refineries and port terminals, is used to extract oil.created in the United Arab Emirates. The same piping system enables an effective operation of all the companies which are involved in the gas sector — a gas pipeline, which connects both the countries Emirates and Qatar.
The larger portion of the oil produced in the United Arab Emirates region is being exported all over the world. The export of oil and gasoline products is carried out in multiple ways. Shipping terminals are supplied with new equipment and the alluring infrastructure. Transportation is carried out by oil tankers and ships to Japan, South Korea, Thailand, the countries of Western Europe and the USA and many more. For the production of electric energy, Natural gas is the major resource. The continuous consumption of fuel over the volumes of natural gas production can create scarcity.
The rigorous population growth always encourages the government to increase the volumes of the produced gas, and meanwhile also promotes the discovery of new alternative energy sources. Today, natural gas in the Emirates is used not only for the production of electrical energy but also used in the process for producing oil and for desalination of water resources
Despite the fact that the gas production in the UAE is of a relatively high cost and demand from all over the globe and there are certain difficulties queries for the extraction and production volumes are characterized by the annual growth.
The constant improvement networks for connecting the pipelines and establishing of modern technical well equipped plants both within the country and abroad contribute the major proportion to the economy by increasing the GDP.
How will Dubai Expo 2020 Benefit Oil and Gas Industry?
According to some experts, natural gas consumption in the United Arab Emirates has doubled over the last decade and estimated to grow in an exponential way after Dubai Expo 2020. Both increment of the domestic demand and the increasing demands of the oil and chemical industries always enhance the procedure and encourage the expansion of the area of natural gas usage.
Dubai’s Expo 2020 will showcase human creativity. as the official site describes “The engines of growth are no longer steam-powered.” In a new modern world, new kinds of innovations and developments are about new ideas, technology, collaboration, and connection. These ideas will be the focal point of the exhibitions that are going to be there for six months, starting from October 2020 to April 2021. A piece of news has been announced, for instance, is the Emirates National Oil Company’s plan to have a futuristic based on technical service stations at the Expo. They eagerly want to launch the station as a fully functioning with fully equipped fuel stations with the contribution of solar, hydrogen and hydrocarbon energy sources.
When OPEC is on the way to reduce the global oil supply and regulate fluctuating oil prices, this kind of innovative thinking is a much-needed thing to do. The world is in a transition phase between the widespread use of fossil fuels and replaces it with renewable energy sources. Dubai’s Expo 2020 could play a significant role to be a landmark event in this transition.
How can Commitbiz help?
For oil and gas production, the UAE plays a significant role all over the world. Expo 2020 will be an enormous scope to enhance productivity. Many investors across the globe are here to incorporate their company. Dubai’s success in winning the right to host the Expo 2020 event is likely to result in enhanced foreign direct investment not just in oil and gas but across a wide range of sectors. Dont’s miss this opportunity!
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