Oct. 17 (UPI) -- Some of the largest Russian and regional energy companies will be in Abu Dhabi to figure out how to tap deeper into Asian economies, conference organizers said.
Organizers for the annual Abu Dhabi International Petroleum Exhibition and Conference, which kicks off in November, said many of the top producers from outside the Organization of Petroleum Exporting Countries are signed up to see how best to take advantage of the growing energy demands from Asia.
"We have a very strong presence from Asian markets, from India to China," Ali Khalifa al-Yasat, the chairman and CEO of the conference, said in an emailed statement. "ADIPEC is an opportunity to reach all of these of these markets and find new partners around the globe."
China, the world's second-largest economy in the world, reported oil imports last month at their second highest level on record. The country's central bank last week injected more money into the financial stream in order to keep momentum moving forward.
India, meanwhile, is on pace to challenge China's appetite for oil because the pace of economic growth is stronger. OPEC Secretary General Mohammad Sanusi Barkindo said at an energy conference in New Delhi last week that an expanding middle class in India "represents a growing source of demand."
ADIPEC organizers said their geographical position, as well as those of Russia and members of the Commonwealth of Independent States, makes them natural partners for Asia. Russian oil company Lukoil and gas company Gazprom will establish a "substantial" presence at the conference and organizers said many other regional players see the even as a "gateway to international expansion."
Russian President Vladimir Putin met with Chinese President Xi Jinping at the Kremlin in July. Touting the strength of the relationship, the Russian government said trade with China last year increased by 4 percent to $66 billion and, according to Putin, one of the trade priorities was in energy.
The China National Petroleum Corp. is a sponsor of the conference in Abu Dhabi. Both Rosneft and Gazprom already have agreements signed with CNPC. Christopher Hudson, the president of global energy at dmg events, said the conference in November can help create denser energy networks.
"It provides a time and place each year where the giants of oil and gas come together, whether they are the established supermajors of the West or the emerging powers of the East," he said.