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Kuwait''s Oil Minister arrives to Cancun for major energy conference.

Kuwaiti's Minister of Oil Sheikh Ahmad

Abdullah Al-Sabah arrived here late Saturday to take part in the 12th

International Energy Forum (IEF) Ministerial and the Fourth International

Energy Business Forum (IEBF) will kick-off here on March 29-31. Upon his arrival, the Minister told KUNA and Kuwait Television that the

"main and most important" reason of his participation in the conference is

that Kuwait will host the 13th IEF and fifth IEBF in 2010. He indicated that he will also be chairing the fourth and final session of

the IEF, which is entitled "The Global Energy Dialogue: The Way Forward",

during which he will present a speech. He noted that there will be "four speakers and a summary of what has been

discussed in this session," which will be followed by a press conference and a

declaration. Sheikh Ahmad added that on the sidelines of the conference there will be

meetings with chairmen of several companies, in addition to bilateral meetings

with ministers of the GCC and other countries. He affirmed the importance of such gatherings, saying "if there weren't

meetings for the view points everyone will lose."

He recalled how the prices of the oil once reached USD 147 then went down

to USD 35, where "everyone was harmed. Those who benefitted in the beginning

were harmed at the end."

"We are partners, therefore it is necessary to meet and discuss these

issues with full transparency for everyone's advantage," the minister

remarked.

Kuwait and Germany are co-hosts of the Forum, where Kuwait was selected to

be host country of the 13th IEF and fifth IEBF, due in 2012. This biennial gathering of the world's energy ministers and energy industry

leaders, who will be engaged in a dialogue, is considered of great important

to global energy security. The agenda of this Biennial gathering is considered by the Mexican

Secretary of Energy Georgina Kessel a "challenging" one that aims at

addressing the "most pressing energy problems," such as the decline in known

energy reserves, the rise in the cost of energy resources, the imperative of

addressing energy poverty and the threat f the effects of global warming. She considered the dialogue that will be held between energy producers and

consumers essential for the harmonious and efficient operation of the worlds

energy markets. In light of this, the IEF countries account for over 90 percent of global

oil and gas supply and demand. Up to 65 countries will be taking part in the 12th IEF and 37 companies in

the 4th IEBF, including the Kuwait Petroleum Corporation (KPC), in addition to

14 international organizations, such as the Secretary General of OPEC, the

World Economic Forum (WEF) and the World Bank. The participating ministers are expected to discuss developments in the

international energy environment, identify longer term issues and concerns and

approve a set of recommendations to strengthen the dialogue through the IEF

and linit energy market volatility in order to meet the challenges facing

global energy markets. The global energy environment has witnessed dramatic changes since the 11th

IEF Ministerial, which was held in Rome, Italy in April 2008, as oil prices

reached unprecedented levels of nearly USD 150 per barrel in July 2008 before

falling to below USD 40 in January 2009. The 12th IEF Ministerial will be held over four sessions that will focus on

critical issues to todays energy dialogue. The first session will be entitled "Role of Energy in Fostering Human

Development," which will address the barriers to the development of energy in

the least developed countries and explore concrete actions to alleviate energy

poverty. As for the second session, "Global Energy Markets: Reducing Volatility and

Uncertainty," its objective is to seek cooperative means to achieve better

market functionality. "Reconciling Sustainability and Security of Supply and Demand," which will

be the theme of the third session, the participating ministers will discuss

means to reconcile energy security objectives with climate change mitigation

through closer cooperation and agree on conclusions and actions. The fourth and final session, is entitled "The Global Energy Dialogue: The

Way Forward", during which the ministers will comment on how the institutional

recommendations prepared by the Expanded High-Level Steering Group will help

boost the producer-consumer energy dialogue. As for the Fourth IEBF, it is structured over two sessions that focus on

issues most critical to todays energy business environment. The first session of the Forum is entitled "Sustaining Investment to Foster

Global Energy Security," whereas the second session is entitled "NOC-IOC

Effective Cooperation and Partnership to Address Industry Challenges."

The IEF held its first NOC-IOC Forum in Kuwait in March 2009, which was

hosted by the Kuwaiti Ministry of Oil and KPC. The objective of the Forum was

to promote discussions and understanding of some of the key issues facing the

oil industry (both IOCs and NOCs) in volatile and uncertain times and

formulate recommendations on how IOCs-NOCs cooperation could enhance global

energy security.

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Publication:Kuwait News Agency (KUNA)
Date:Mar 28, 2010
Words:831
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