Based on the Kingdom’s proposal, OAPEC countries decide to rewrite its establishment agreement, change its name to “Arab Energy Organization”

During the 113th ministerial meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC), which was held today in Kuwait, the member states of the organization signed a decision to restructure it, rewrite its establishment agreement, develop its work, and change its name to the “Arab Energy Organization (AEO)”.

This decision gives the green light to the General Secretariat of the organization to continue its efforts to develop the organization’s activities and work, after approving the first phase of the project, which included the proposed amendments to the organization’s establishment agreement, noting that the proposed substantive amendments to the agreement will enter into force upon completion of their approval according to the regulatory procedures of each member state.

The General Secretariat of the Organization of Arab Petroleum Exporting Countries (OAPEC) explained that the decision to restructure the organization, rewrite its establishment agreement, develop its work, and change its name was based on a proposal submitted by the Kingdom of Saudi Arabia.

The General Secretariat of the organization also extended its thanks and appreciation to the State of Kuwait, the host country, and the State of Qatar, the host country. The Presidency State in the current session, for the support and assistance it provided to ensure the success of the General Secretariat in carrying out its responsibilities.

The General Secretariat indicated that implementing the decision required conducting a thorough study and a comprehensive assessment of the developments and challenges witnessed by the energy sector at the national, regional and global levels, especially during the past few years, as 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 the organization’s role as a catalyst for cooperation and exchange of expertise among member states regarding energy affairs and issues, exploring opportunities, facing challenges facing this vital sector, and contributing to building the national competencies and capabilities of member states in a sector that constitutes a fundamental pillar of the economies of these countries.

The General Secretariat of the Organization confirmed that it will work hard to complete all elements of the Organization’s development plan in the near future, appreciating, in this regard, the support it receives from the Organization’s member states, represented by the Ministers of Energy and Oil, and the members of the Organization’s Executive Office.