The importance of cooperation between national and int'l oil companies

Collaboration between national and International oil companies can play an important role in helping the industry meet current challenges, according to Mohammed bin Dhaen Al Hamili, UAE Minister of Energy.In a keynote speech delivered on Monday at a conference on the Changing Role of National Oil Companies in the International Energy markets, Al Hamili stressed that oil companies- whether national or international- are the central driving force in the oil industry from exploration and production, through processing and transportation to final marketing, sales and distribution.Al Hamili , who is also President of OPEC Conference said that OPEC attached a great deal of importance to relationship between national and international oil firms."Indeed, this issue formed an important part of the long-term strategy OPEC adopted in 2005", he said during the conference which is organised by James Baker III Institute for Public Policy, in conjunction with Rice University. He noted that the oil industry is more integrated than it used to be, vertically and horizontally, and major advances in such areas as communications, technology, and dialogue and cooperation have eased some of the barriers arid structural rigidities that existed in the past. Source WAMTechnorati Profile