OAPEC In Brief
The Organization of Arab Petroleum Exporting Countries (OAPEC) is a regional inter-governmental organization established by an agreement signed in Beirut on 9th January 1968 by Kuwait, Libya, and Saudi Arabia. The three founding members chose Kuwait for the Organizations' domicile and headquarters. It currently has 10 member countries. The three founding members were joined by seven other members: Algeria (1970), Bahrain (1970), Egypt (1973), Iraq (1972), Qatar (1970), Syria (1972), United Arab Emirates (1970).
Recognizing the role of petroleum as a principal and basic source of its members' income, OAPEC’s goal is focused on the development and prosperity of the petroleum industry by fostering close and fruitful cooperation among its members. Due to their crude oil and natural gas resources and reserves, OAPEC member countries play an important role in the global oil and gas industries.
OAPEC established four joint venture companies and a petroleum training institute to form a solid foundation for joint Arab action and Arab economic integration in the petroleum industry. These companies operated independently through their own board of director and General Assembly: Arab Maritime Petroleum Transport Company (AMPTC, Kuwait), Arab Shipbuilding and Repair Yard Company (ASRY, Bahrain), Arab Petroleum Investments Corporation (APICORP, Saudi Arabia), Arab Petroleum Services Company (APSCO, Libya), in addition to the Arab Petroleum Training Institute (APTI, Iraq).
OAPEC explores possibilities of cooperation among its members and fosters contacts that facilitate access to new scientific and technological developments in the field of energy by promoting the exchange of information and holding meetings, seminars & conferences. OAPEC publishes yearly between 8-10 different technical and economical studies and reports in the field of oil, gas and energy industry.
OAPEC endeavors to strengthen its cooperation and ties with several international institutions operating in the field of energy, particularly those concerned with regional and international energy affairs, as well as universities.