Post Saddam Hussein, Crescent Petroleum Thrives

Saddam Hussain Iran-Iraqi war 1980s. Photo by AFP/Getty-images

Saddam Hussain Iran-Iraqi war 1980s. Photo by AFP/Getty-images

Saddam Hussein ruled Iraq with an iron fist from July 1979 until April 2003. Saddam was finally forced out of power by the combined armies of the United States, Britain and their allies. During this time of upheaval and the downfall of Saddam Hussein, Crescent Petroleum continued to grow.

Crescent Petroleum began as Buttes Gas & Oil Co. International Inc, which was a subsidiary of Crescent Petroleum. Buttes was a holder of a concession first granted in 1969 by the Sharjah Government in the United Arab Emirates. In the early 1970s the Mubarek Field was discovered off the coast.

Headquartered in Sharjah, the 1980s proved beneficial to the growth of the burgeoning oil company. By this time, as Saddam Hussein began to flex his muscles, Crescent Oil truly established itself as a full-fledged oil company. The company was re-organized at this time, and began to assert influence on the international energy economy.

During the disruptive years of the Gulf War brought on by Saddam Hussein’s invasion of Kuwait, Crescent Petroleum added concessions in Yemen, Pakistan and Egypt.

Today, in the post-Saddam Hussein era, Crescent Petroleum continues to explore new opportunities for expansion and growth. One of its most promising areas is in the development of natural gas as a valuable asset in the region. It is speculated that the Gulf region of the Middle East holds more than 40 percent of the world’s natural gas reserves. In order to benefit from the richness of the area, Crescent implemented two cross-border pipeline deals. These deals are expected to create a new paradigm shift on the determination of the price of oil. It is expected that the gas business in the Arabian Peninsula and Gulf area will develop quickly, stimulating growth in economies around the world.

Majid Jafar Discusses Oil Prices and More

While interviewed during the World Economic Forum in Southern Shuneh, Jordan, at a resort at the Dead Sea, Majid Jafar shares some of his perspective. Majid Jafar, CEO of Crescent Petroleum, discusses how low oil prices have forced Middle Eastern producers to focus on efficiency.

In the post Saddam Hussein era, Jafar answers a number of questions from the reporter. These questions include looking at who is the big winner and loser for oil prices and looking at the outlook for Saudi Arabia.

Hear the entire transcript and get up to date information on oil prices.

WEF Panel Discusses Economic Trends for 2015

Global economic trends were at the top of the agenda at this year’s World Economic Forum. Held in Dubai’s Madinat Jumeirah from November 9 until November 11, the summit brought together some of the world’s most notable leaders in the business and economic realm.

Majid Jafar

Majid Jafar at World Economic Forum

A panel discussion on global trends in 2015 offered a wide variety of perspectives from WEF’s Global Knowledge Networks. Included on the panel were Kuwaiti government minister Rola A. Dashti; CEO of Crescent Petroleum Majid Jafar; Kevin Rudd, former prime minister of Australia; Adam Posen, President of the Peterson Institute for International Economics; and Amina Mohammed, Special Adviser on Post-2015 Development Planning at the United Nations.

Majid Jafar, who also the vice-chairman of the WEF’s Global Agenda Council on Youth Unemployment as well as CEO of Crescent Petroleum, said that:

“On the one hand the government asked the private sector to create jobs, but if the governments are rising salaries or hiring more, the two are actually at odds.”

He added that it is necessary that there be collective action between governments and the private sector.

Amina Mohammed and Rola Dashti agreed that one thing the world is in dire need of is quality education, stating that regional countries are today living through a culture of credentials, but not of knowledge. Adam Posen focused his words on the problem and challenge of regional economies integrating into the global economic marketplace.

The annual summit addressed about 80 issues of international concern, bringing together over 1000 delegates and world leaders such as Al Gore, Gordon Brown and Jose Manuel Barroso.