RIYADH, 22 January 2004 — The global energy sector, which requires a $16 trillion investment by 2030, will top the agenda of a ministerial meeting of oil producing and consuming countries, including Saudi Arabia, to be held in Amsterdam from May 22 to 24. Ambassador Arne Walther, secretary-general of the Riyadh-based International Energy Forum Secretariat (IEFS), made the announcement earlier this week.
Walther said that the move to hold an international energy forum with the theme ‘investment’ is significant keeping in mind the global rise in energy consumption. Oil and energy ministers from more than 60 countries besides the heads of leading international energy organizations have been invited to attend the forum.
Walther also formally announced the opening of the Riyadh-based IEF Secretariat, which has been established on the initiative of Crown Prince Abdullah, Deputy Premier and Commander of the National Guard. This first IEFS briefing was also attended by William C. Ramsay, Deputy Executive Director of International Energy Agency (IEA), Saleh Agala, IEFS’s Acting Director for Administrative & Finance Affairs and Lina Murad, Executive Assistant.
Asked about the agenda of the ministerial dialogue, the IEFS chief said “The meeting will have its focus on security of energy supplies and demand as well as on links between energy, environment and economic development.”
The Amsterdam forum will help to map strategy on how to cover the global oil demand that is projected increase significantly by 2020. There is little argument that Middle Eastern OPEC countries have the resources to fulfill the growing demands, but the key will be for them to attract sufficient, sustained and timely capital investment. Discussing the functions and features of the newly-established IEFS, Walther said “The IEFS will provide additional opportunities to facilitate and strengthen the process of dialogue and cooperation, which already exist between oil and gas exporting and importing countries.” A new IEFS office building, for which the Kingdom has made available SR15 million, will be ready within 18 months in the Diplomatic Quarter in Riyadh.
Walther pointed out that the IEFS would also be entrusted with the task of energy data collection as per the Joint Data Initiative of at least six major energy organizations such as IEA, Organization of Petroleum Exporting Countries (OPEC) and UN Statistics Division. IEF, he said, would emerge as a forum “for discussion, exchange of information and policy views at political level among oil producing and consuming countries and energy organizations.”