2 / 44
The Organization of Arab Petroleum Exporting Countries (OAPEC) was founded on the basis of the
agreement signed in Beirut, Lebanon on 9 January 1968 between the governments of Kingdom of Saudi
Arabia, the State of Kuwait and the (then) Kingdom of Libya. The agreement stipulates that the Organization
shall be domiciled in the City of Kuwait.
The principal objective of the Organization is the cooperation of the members in various forms of
economic activity in the petroleum industry, the determination of ways and means of safeguarding the
legitimate interests of its member countries in this industry, individually and collectively, the unification
of efforts to ensure the flow of petroleum to its markets on equitable and reasonable terms, and providing
appropriate environment for investment in the petroleum industry in member countries.
In 1970 the United Arab Emirates, the State of Qatar, the Kingdom of Bahrain and the Republic of Algeria
joined the Organization, followed by the Syrian Arab Republic and the Republic of Iraq in 1972, Arab Republic
of Egypt in 1973, then the Republic of Tunisia in 1982 (its membership was suspended in 1986). Any Arab
country which derives a significant share of its national income from petroleum is eligible for membership in
OAPEC upon the approval of three-quarters of the member countries, including all three founding members.
•
OAPEC-Sponsored Ventures:
OAPEC has sponsored the creation of four companies: The Arab Maritime Petroleum Transport Company (AMPTC),
established in 1972 with headquarters in Kuwait City, theArab Shipbuilding and Repair Yard Company (ASRY) established in 1973 with headquarters
in Bahrain, the Arab Petroleum Investments Corporation (APICORP) established in 1974 with headquarters in Khobar, Saudi Arabia, the Arab
Petroleum Services Company (APSC) established in 1975 with headquarters in Tripoli, Libya.
The Cover
The meetings of the Second
Asia Cooperation Dialogue
Summit
(ACD
Summit),
held in Thailand from 8 to 10
October 2016, had a special
significance due to the economic
and developmental issues on its
agenda, including energy security
as one of the top strategic issues
inAsia and around the world. The
meetings were attended by Their
Highnesses and Excellencies
Heads of States and Emirs, as
well as, senior officials in Asian
countries including OAPEC
members. The Emir of the State
of Kuwait HH Sheikh Sabah Al
Ahmed Al Sabah attended the
event.
Organization ofArab Petroleum Exporting Countries (OAPEC)
The 10
th
Middle East Petrotech 2016
Joint Press Conference for Saudi, Qatari, and Russian
Energy Ministers
6
11