Third U.S.-Arab Economic Forum: Wael Al-Mazeedi & Khelil
Wael Al-Mazeedi recently gave a speech at the third U.S.-Arab Economic Forum. Mr. Al-Mazeedi is the chairman and CEO of BTU Industries. The speech he gave outlined the activities of BTU, which is a $1 billion venture capital company. He described the company’s investments in electrical power generation in South Korea, Taiwan, China, the U.A.E., and Tunisia. He also talked briefly about the company’s hope of utilizing hydroelectric and solar energy sources to help reduce global reliance on gas and coal.
Wael Al-Mazeedi’s speech was one of many given by outstanding members of the business and political worlds at the event. The president of OPEC, Mr. Khelil, appeared to speak on the U.S. – Arab energy relationship. He went over the achievements in the use of solar energy, and the privatization in his home country which was intended to create favorable conditions for international investment. He also spoke against Hillary Clinton’s comments which described his company as a cartel. “A cartel has a monopoly, and can control prices, and we are neither.” Khelil is quoted as having said.
He explained that “OPEC only represents about 40% of the world’s oil production. It was formed for one purpose and that is to anticipate oil demands and provide adequate supplies.” He went on to say, “The spike in the oil prices has been due to the weak dollar and a weak U.S. Economy, where Wall Street finds a haven in commodities for their funds. It has nothing to do with OPEC and OPEC has no control over it… Nobody called OPEC a cartel when the oil was trading at seven and eight dollars.” As opposed to the topic covered by Wael Al-Mazeedi, there was much uncertainty regarding Khelil’s speech.
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