OAPEC sets 2011 budget at 7.28 mln USD

08:22, December 27, 2010      

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The 85th session of the ministerial council of the Organization of Arab Petroleum Exporting Countries (OAPEC) approved Saturday its 2011 estimated OAPEC budget of 2.053 million Kuwaiti dinars (about 7.28 million U.S. dollars) 4 percent up from that of the last year.

The meeting held in Cairo didn't touch directly oil price issue. The oil price and production which depend on the supply and demand on the market are outside the frame of meeting, Secretary General of OAPEC Abbas Ali Naqi told Xinhua following the closed meeting.

The bilateral cooperation among member countries is doing well, and the economic integration of Arab countries has bright future. Mohammed bin Dha'en Al-Hamili, the United Arab Emirates (UAE) Energy Minister and Chairman of OAPEC 85th meeting, said there are investment opportunities in the Arab countries.

Set up in Beirut in 1968 by the oil exporting Arab countries, OAPEC aims to develop the petroleum industry by fostering cooperation among its members. It contributes to the effective use of the resources of member states through sponsoring joint ventures. Bahrain will preside over the next round as of January, 2011.

Source: Xinhua
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