Kuwait plays a vital role backing the Organization of Arab Petroleum Exporting Countries (OAPEC), Minister of Oil and Minister of State for National Assembly Affairs Ali Saleh Al-Omair said here on Sunday.
The country has always been a key supporter of all Arab economic and development institutions, motivated by its belief in the significance of joint Arab action, Al-Omair told the 10th Arab Energy Conference organized by OAPEC in Abu Dhabi.
Kuwait hosts the OAPEC headquarters. Al-Omair cited the example of the Arab Fund for Economic and Social Development (AFESD) which was established upon a Kuwaiti proposal to the Arab Ministers of Oil and Economy in 1968. Since then, AFESD activities have been extended to almost all Arab countries.
Earlier, following independence in 1961, the country launched the Kuwait Fund for Arab Economic Development (KFAED) to serve development projects in the Arab World, the Minister noted.
Meanwhile, Al-Omair referred to Kuwait's oil strategy as "balanced and wise" considering support to stability of the Arab and international oil markets.
These views are embodied in Kuwait's oil strategy for 2020, which extends till 2030, he said.
According to Al-Omair, Kuwait pays great attention to environment issues, renewable energy, varying power sources, caring for oil laborers and cadres, technology and backing Arab and global efforts to realize stability to the oil markets.
He also appraised efforts by Kuwait's state and private oil and gas firms for consolidating Arab joint action. These have been awarded elevated prizes and several Arab and regional investment opportunities.
The theme of the 10th Arab Energy Conference, December 21-23, is "Energy and Arab Cooperation."