KUWAIT CITY, Dec 10, (KUNA): Kuwait’s hosting of the premises of the Organization of Arab Petroleum Exporting Countries (OAPEC) is part of the country’s keenness to promote the joint Arab action in all aspects, Kuwait’s Minister of Oil, and Minister of Electricity and Water Essam Al-Marzouq has stressed.
The minister made the statement on Saturday in a speech during a celebration marking the Gold Jubilee of OAPEC.
He said that Kuwait has been seeking to provide the best facilitations required to moral and financial support for the organizations working in the joint Arab action to benefit the Arab countries.
Al-Marzouq, His Highness the Prime Minister’s representative, said that “we in Kuwait are sure that concerted efforts by member states and their positive cooperation will enable OAPEC to achieve its mission perfectly.
“We are aware that the petroleum industry is facing unprecedented challenges and developments,” he added, calling for further coordination between both oil-producing and oil-exporting countries at the regional and international levels to overcome these challenges.
“On behalf of His Highness the Prime Minister, the sponsor of the celebration, I would like to welcome all of you in your second country, Kuwait. I would like to express my great appreciation to you for attending the 50th anniversary of the OAPEC.” The convention of OAPEC’s establishment was signed in the city of Beirut on the ninth of January 1968.
The minister noted that OAPEC has been one of the key and vital aspects of cooperation and joint Arab action as it encourages cooperation and coordination among member states in various aspects of economic activities in the oil and gas industry.
Under instructions of its member states and bodies, the organization has worked on implementing several projects and successful activities, topped with the establishment of a group of Arab companies, he made clear.
This will contribute to solving problems and overcoming challenges facing Arab petroleum industries on the one hand, and to maintaining stability of the international markets on the other hand, he stated.
It also contributes to organizing specialized scientific conferences and seminars, scientific research awards and annual coordination meetings between specialists in member countries and Arab and international organizations specialized in the petroleum industry, he explained.
He pointed to the organization’s contributions to supporting efforts of Arab oil culture through its distinguished media publications as well as efforts in regional and international forums through positive and fruitful cooperation with international organizations, research centers and international studies specialized in energy, oil and gas.
Al-Marzouq thanked OAPEC Secretary-General Abbas Al-Naqi and staff for their big efforts in preparing and organizing the festival and other official meetings currently held in Kuwait.
The State of Kuwait is looking into ways to import Iraqi natural gas and it is negotiating a deal on the final price, said Essam Al-Marzouq Sunday.
Speaking to the press on the sidelines of the 99th meeting for the ministerial council of the Organization of Arab Petroleum Exporting Countries (OAPEC), Al-Marzouq revealed that importing gas from Iraq will be carried out through a new network of pipelines that will replace an old system.
The whole process will be done in phases and Kuwait agreed on importing 50 million cubic feet (ft3) of gas, said the minister, adding that the second phase will involve imports of 200 million cubic ft3 for a period of a decade.
Last Thursday, Al-Marzouq set the cornerstone of Al-Zour Refinery, a project designed to process heavy crude oil which will have an impact on the country’s economy.
Gas installations in Al-Zour will cover the country’s needs for the resource for up to 30 years, said the minister.
Regarding OPEC’s output reduction deal, the minister indicated that there will be a meeting to discuss the deal next June which will be followed by monthly meetings looking into a way to discontinue the process.
Al-Marzouq touched on proceedings within OAPEC, revealing that the UAE will hold the Presidency next year while the upcoming meeting for the organization will be held in Kuwait in December 2018.
On his part, Iraqi Minister of Oil Jabbar Al-Luaibi affirmed that both countries were in the final stages for the agreement to export natural gas from Iraq to Kuwait.
An Iraqi delegation will arrive in Kuwait next week to set the final touches on the accord, revealed Al-Luaibi.
On his prediction for the global price, the Iraqi Minister said that it might hover at $60 per barrel.
He touched on his country’s production, saying that Iraq produced around 4.3 million barrels per day. Al-Luaibi hoped that the production would reach five million bpd by the second half of next year.
In regards to the Iraqi-Iranian accord signed yesterday, Al-Luaibi said that Iraq will export around 30 to 60 million bpd to Iran and the Iranians will export a similar number of barrels to Iraq.
The minister also indicated that Iraq had a memo signed with British Petroleum (BP) to evaluate Kirkuk oil field, adding that the Iraqi side was eager to increase production by 700,000 bpd.