Gulf ministers of petroleum to discuss positions of international markets

Ministers of petroleum from the Gulf Cooperation Council member states are to convene their 22nd meeting on Saturday in Riyadh under the chairmanship of United Arab Emirates Minister of Petroleum Ubayd Saif al-Nasiri.

GCC Secretary General Jamil al-Hujeilan said in press statements yesterday that the ministers will discuss the current and future positions of the international petroleum markets and declare the commencement of preparing the economic feasibility pre-studies for the pipeline project to transfer and distribute gas among the GCC states and a joint study between the GCC and the European Union regarding the development of gas trade between the two sides.

Al-Hujeilan added, "The ministers will revise the efforts exerted by the general trusteeship regarding a joint base for technical data regarding all stages of the petroleum, metal and petrochemicals industries and the suggested mechanisms for means of encouraging the private sector in the GCC states to adopt the available investment chances in the petroleum field."