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OAPEC Ministerial Meeting Approves Restructuring of the Organization and Changing Its Name to Arab Energy Organization (AEO)

16-12-2024

The 113th Ministerial Meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) approved today, Sunday, the restructuring of the organization, the redrafting of its establishment agreement, the development of its work, and changing its name to (Arab Energy Organization - AEO). The Secretary-General of the organization, Jamal Al-Loughani, said in a press conference held on the sidelines of the meeting that this decision gives the green light to the General Secretariat to continue its efforts to develop the organization's activities and work. Al-Loughani added that after the approval of the first phase of the project, which included the proposed amendments to the agreement establishing the organization, he stated that the proposed substantive amendments to the agreement will enter into force immediately upon completion of their approval according to the regular procedures of each member state. He explained that the decision to restructure the organization, redraft its establishment agreement, develop its work, and change its name was based on a proposal submitted by the Kingdom of Saudi Arabia. He extended his thanks and appreciation to the State of Kuwait, the host country, and the State of Qatar, the presidency country in the current session, for the support and assistance they provided to ensure the success of the General Secretariat in carrying out its responsibilities. Al-Loughani pointed out that implementing the decision required conducting a careful study and comprehensive evaluation of the developments and challenges witnessed by the energy sector at the national, regional, and global levels, especially in recent years. He pointed out that the rapid transformations witnessed by the energy sector imposed a review and development of the organization's activities and objectives to include all areas included in the energy sector and related to it with the aim of enhancing its role as a catalyst for cooperation and exchange of expertise among its members regarding energy affairs and issues, facing the challenges facing this vital sector, and contributing to building national competencies and capabilities in the sector, which constitutes a fundamental pillar for the economies of member states. He stressed that the General Secretariat of the organization will work hard to complete all elements of the organization's development plan in the near future, appreciating the support provided by the member states of the organization represented by the ministers of energy and oil and members of the organization's executive office. He stated that during the meeting, the budget of the General Secretariat of the organization for the year 2025 was approved and adopted, in addition to discussing the item related to following up on the activation of the Ministerial Council's decision regarding the Green Middle East Initiative and adopting the application of the concept of the circular carbon economy. He explained that during the meeting, the winners of the OAPEC Scientific Research Award were honored and the Executive Office's recommendation to raise the value of the award was approved starting from the 2024 award. He explained that during the meeting, the briefing reports on the activities of the General Secretariat were reviewed, including monitoring the petroleum situation, developments in liquefied natural gas and hydrogen, economic and technical studies prepared by the organization, monitoring environmental affairs and climate change, the progress report in the information bank, and the events organized and participated in by the General Secretariat, among others. Earlier today, the 113th meeting of the Council of Ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) was launched in the State of Kuwait, with the attendance of the oil and energy ministers of the organization's member states.