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Volume 42 Issue 2
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.
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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
Economic policies adopted by
most OAPEC member countries
focus on subsidizing basic goods,
especially energy. These goods
are made available at affordable
prices for citizens, institutions,
and local companies, within
these countries’ efforts to realize
prosperity for their people by
avoiding the negative impact
of fuel and petroleum products
price fluctuations from one side,
and helping local producers
to reduce production costs,
especially the industrial sector,
to benefit the end consumer
from the other side.
Doha Meeting
Oil output freeze agreed at January
2016 Levels
5
th
General Conference of the Arab Union
of Electricity
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ORGANIZATION OFARAB PETROLEUM EXPORTING COUNTRIES (OAPEC)