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The Energy Charter Secretariat and OPEC explore cooperation in energy investment

On 28 May 2019, officials from the Energy Charter Secretariat and the Organization of the Petroleum Exporting Countries (OPEC) met in Vienna to discuss perspectives and explore options for collaboration to, improve the investment climate in the energy sector. Mr Leonardo Sempértegui, General Legal Counsel at OPEC, chaired the meeting, by delegation of the OPEC Secretary-General.

The Energy Charter Secretariat presented its flagship publication, the Energy Investment Risk Assessment (EIRA) publication which aims to assist governments in reducing policy, regulatory and legal risks for investment in the energy sector. It was also explained that the principles of the Energy Charter Treaty include the interests of producing, consuming and transit countries as balanced in the Energy Charter constituency. Representatives from OPEC presented multiple questions and comments, in line with OPEC’s mandate and objectives.

OPEC was established in 1960 as a permanent intergovernmental body. The mission of OPEC is to ensure the stabilisation of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry. A number of OPEC countries, including the Islamic Republic of Iran, Iraq, Nigeria and the United Arab Emirates, have signed the International Energy Charter and are thereby observers to the Energy Charter Conference.