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FINANCIAL NEWS
OAPEC announces 2011 budget of $7.28m
26 Dec 2010
(MENAFN) Abbas Ali Naqi, Secretary General of The Organization of Arab Petroleum Exporting Countries (OAPEC), said that OAPEC approved its budget of $7.28 million for the year of 2011 in the 85th session of its ministerial council, reported Xinhua News.
Naqi said that budget was increased for 2011 by four percent compared with the budget for 2010. He said that the session did not discuss oil prices thoroughly.
It is worth noting that OAPEC was established in 1968 in Beirut by Arab countries that export oil. The main goal of OAPEC is to develop the petroleum industry in the Arab world through collaboration and joint venture among OAPEC members. It aims to utilize members resources .
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