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GCC energy ministers conclude meeting in Abu Dhabi

posted on 09/11/2006: 817 views

Oil ministers of the six member states of the Arab Gulf Cooperation Council (GCC) concluded in Abu Dhabi yesterday their regular meeting which was held as a prelude to the summit of their leaders, scheduled to take place in Riyadh in December.

The GCC Oil Undersecretaries Committee disapproved a previous plan to construct Pan-Gulf pipeline and dismissed the project as an infeasible precaution against a possible closure of the Strait of Hormuz.

The committee called for establishing a GCC Centre for Strategic Studies. The UAE, Kuwait, Saudi Arabia and Bahrain announced they would take part , while Oman passed up the plan. Qatar opted for announcing its decision later to GCC Secretariat General.

The Committee approved giving more time to member states to give their feedback on a planned GCC unified mining law. GCC oil ministers were updated on forthcoming meetings, climate change ,sustainable development and talks with World Trade Organization.

The Committee also approved recommendations of the GCC Committee on Oil Strategy about updating relevant plans and scenarios. Secretary General of the Arab Gulf Cooperation Council Abdul Rehman Mohammed AL Attiyah said "GCC countries rely much on their oil policies to contribute to the stability of the world oil markets." "Oil revenues will remain a pillar of the national economies of GCC countries....(and) this meeting will discuss (oil) cooperation among GCC countries to the best interest of both producers and consumers", he added. (Emirates News Agency, WAM)


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