Eng. Majed Hindi AlUteibi, Deputy Minister for Oil and Gas Technical and Regulatory Affairs, Ministry of Energy, Highlights Lubricants’ Role in Sustainability and Economic Growth
The 19th ICIS Middle East Base Oils and Lubricants conference was opened today in Riyadh by the Deputy Minister for Oil and Gas Technical and Regulatory Affairs, Ministry of Energy, Eng. Majed Hindi AlUteibi.
In the first keynote speech of the conference, the deputy minister highlighted the role the sector has to play across the globe. “Just as energy fosters prosperity and helps lift billions out of poverty, the advancements in lubricants and base oils can enhance efficiency and sustainability in many sectors,” he said. “This synergy not only highlights the continuous demand for natural resources but also contributes to economic success and prosperity in our societies.
“This year, our conference takes on even greater significance as we find ourselves standing at the crossroads of substantial change. Globally, there is an accelerating drive toward sustainability and digitalization across all industries, and the lubricant sector is certainly no exception. This transformation presents us with a unique and exciting opportunity – an opportunity to redefine how we innovate, collaborate, and operate within the lubricants and base oils industry.”
The global lubricants market was valued at nearly $140 billion in 2023 and is projected to grow at a compound annual growth rate of 3.8% through the year 2030, with Asia-Pacific leading the industry, holding a revenue share of 45%.
“This growth is a call for action by all of us to push the boundaries beyond what is possible today and to be at the forefront of innovation, with full adherence to the Circular Carbon Economy framework on the path to net zero.”
The deputy minister also highlighted the sectors that are driving momentum, with automotive and mining both experiencing a high level of growth.
He also focused on the Kingdom of Saudia Arabia’s standing in the industry. “In Saudi Arabia, Vision 2030 continues to guide our efforts toward becoming a global leader in many industries, including lubricants and base oils. Several sectors in Saudi Arabia are poised for significant growth, which will play a crucial role in advancing Saudi Arabia’s leadership in the lubricants market.
“Saudi Arabia is also positioning itself as a logistics hub for the region, supported by its strategic location, which comes at the crossroads of economic interdependence and trade flows. This unique positioning is creating a growing local demand for effective lubricants, reinforcing the Kingdom’s position as a key player in the global lubricants market.
Closing off his speech, the deputy minister welcomed delegates to the conference, highlighting the importance of collaboration. “Over the next two days, we will engage in discussions that will influence the direction of this sector for many years to come. From the latest trends in lubricant formulations to breakthroughs in recycling and waste management, our dialogue will reflect the need for agility, innovation, and collaboration.
“These discussions are not just technical – they are strategic. The ideas and insights that will be shared here are those that will drive our industry forward, helping us overcome challenges and seize new opportunities.”
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