Farouq Al-Zanki, Deputy Chairman & Chief Executive Officer, Kuwait Petroleum Corporation
The signing of the IEF Charter by more than 85 countries, and the increasing number of candidacy has many important implications. It implicitly indicates the acceptance of the growing importance of the IEF as an international arena for effective dialogue, an expression of satisfaction of the IEF's accomplishments thus far, as well as sets a high expectation for its role in the future. The world is interdependent and the energy system is interconnected, through physical infrastructures and markets.
Energy security is the main driver for the dialogue among producers and consumers. A New era have commenced, after the approval of the IEF charter, which provides the International Energy Forum a lead role, in enhancing this dialogue.
The challenge of energy security requires a continuous dialogue and partnership not only between governments but also between governments and industries.
The success of the International Energy Forum is because it's a process of informal, global dialogue on energy at the level of ministers as well as industry experts within the business forum. IEF has been the means to drive a productive dialogue and spread sense of confidence among leaders to proceed on long term perspective for production and consumption patterns, as well as investment requirements that are evolving in a changing geopolitical environment, since energy is crucial for economic and social development. The informal producer-consumer dialogue in the IEF that was commenced in Paris in 1991, promoted a common sense of interdependence, vulnerability and win-win opportunity for long-term co-operation.
The International Energy Forum provides a venue for ministers of energy exporting and importing countries, of developing and industrialised countries, to identify effective and sustainable ways of promoting energy security and stability in our interdependent world.
It is affirmed that that increased use of fossil fuels is consistent with the protection of the environment, through the development and dissemination of advanced cleaner fossil fuel technologies, and in particular the promising technology of carbon capture and storage.
The future challenges facing the industry require commitment to international co-ordination to promote a more positive atmosphere, to progress further in technology transfer, energy efficiency and transparency.
Through years of dialogue, the industry has a common understanding of the pressing challenges, and is ready to generate further concrete actions to foster interdependence between all industry participants.
IOCs as well as NOCs need to align respective interests in many respects, through cooperation, dialogue and partnership built on the clear synergies along the value chain, at all levels. This is the most promising avenue to enhance global energy security and reach tangible progress on future challenges.
The continuity of investments is rather essential in various aspects, among which is cleaner fossil fuels and development of alternative energy sources.
The IEF charter is the umbrella, where the producers, consumers, governments, the international oil companies as well as the national oil companies, the financial institutions will closely work together to support overall global welfare, the effectiveness, the growth and the general evolution of the industry that will maintain energy security in the future.
The approval of the IEF charter marked a unique opportunity to move from good intentions to generate concrete actions to foster interdependence between all the industry participants.
With the signing of the IEF Charter by more than 85 countries at the Extraordinary IEF Ministerial meeting in Riyadh in February 2011, a solid foundation for a productive global energy dialogue is well established, and in this regards, we are confident that the 13th IEF in Kuwait (12-14 March 2012), will be an extra milestone on the way to foster greater mutual understanding between producing and consuming countries on key energy policy issues.