KUWAIT: The secretary general of the organization of Arab Petroleum Exporting Countries (OAPEC), Jamal Al-Loughani, said on Tuesday that the establishment of the organization is a fundamental turning point in the process of joint Arab action, stressing its keenness on cooperation between member states to achieve common economic interests and benefits.

In a press statement on the occasion of the 56th anniversary of the establishment of the organization, Al-Loughani added that the main objective of OAPEC is the cooperation of member states in various aspects of economic activity in the oil industry, achieving the closest relations among them in this field, and deciding means to preserve the legitimate interests of its members in this industry - individually and collectively.

He stated that OAPEC aims to unite efforts to secure access and provide the appropriate conditions for the capital and expertise of investors in the petroleum industry in the member states. He added that OAPEC has established a group of spin-off companies from the member countries. The Arab spin-off companies have contributed effectively to enhance the Arab petroleum industry through the projects implemented or financed by most Arab member and non-member countries alike.

He stressed the keenness of the OIC General Secretariat to follow up on all the developments taking place in the global petroleum industry, pointing out that it monitors their repercussions on the economies of the member states through its technical studies.

Al-Loughani said that with the development of the energy industry, the increasing interest in renewable and clean energy, and the introduction of many strict environmental legislation, the OAPEC issued a decision to review and develop the organization’s activities and objectives to be in line with developments in industry, energy production technology, and environmental legislation and to be able to play a bigger and more effective role.

He appreciated the great support provided by the member states to the work of the organization, which enabled it to fully perform its mission, in addition to its unlimited support towards achieving its objectives. He expressed his thanks to Kuwait, which has hosted the permanent headquarters of the organization on its territory for more than five decades.

The 9th of January marks the 56th anniversary of the establishment of the OAPEC in 1968 under the agreement concluded in Beirut between the kingdom of Saudi Arabia, the state of Kuwait, and Libya (the kingdom of Libya at the time) on the establishment of a specialized regional Arab Organization of international character, and Kuwait City was chosen as its permanent headquarters.

The membership of the organization expanded in 1970 to include the United Arab Emirates, the state of Qatar, the kingdom of Bahrain, and the Republic of Algeria, and in 1972, Syria and Iraq joined. The Arab Republic of Egypt joined in 1973, while Tunisia joined in 1982. — KUNA