The member states of the Organization of Arab Petroleum Exporting Countries (OAPEC) signed a decision to restructure the organization, amend its founding agreement, expand its activities, and rename it the "Arab Energy Organization (AEO)" during the 113th ministerial meeting held today in Kuwait.
The decision enables the General Secretariat of the organization to continue its efforts in developing the organization's activities and operations, following the approval of the first phase of the project, which included proposed amendments to the founding agreement. The proposed amendments will take effect once they are approved in accordance with the regulatory procedures of each member state.
The General Secretariat of OAPEC emphasized that the decision was based on a proposal submitted by the Kingdom of Saudi Arabia.
The General Secretariat expressed its gratitude to Kuwait, the host country, and to Qatar, the presiding nation for this session, for their support in ensuring the success of the General Secretariat in fulfilling its responsibilities.
The General Secretariat highlighted that implementing the decision required a thorough study and comprehensive evaluation of the developments and challenges within the global and regional energy sectors in recent years. The rapid transformations in the energy sector have made it necessary to review and develop the organization's activities and objectives to encompass all areas related to energy. The goal is to strengthen the organization's role as a catalyst for cooperation and the exchange of expertise among member states on energy matters, identifying opportunities, addressing challenges facing this vital sector, and contributing to the development of national competencies and capabilities in a sector that serves as a cornerstone of these countries' economies.
The General Secretariat affirmed its dedication to finalizing the development plan soon, with continued support from member states and their respective energy and oil ministers, as well as the executive bureau members of OAPEC.
