A high-level assembly will be held here on Saturday on the occasion of the inaugural ceremony of the opening of the permanent headquarters of The International Energy Forum Secretariat (IEFS).
The ceremony is the outcome of Saudi Arabia's successful efforts to promote the importance of dialogue between the oil exporting and importing countries and the necessity to establish a mechanism for this dialogue, which prompted the building of this permanent headquarters of the IEFS in Riyadh city.
The Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz had called for the establishment of such headquarters when he was the Crown Prince during an address before the delegates of the Seventh International Energy Forum, which was held in Riyadh on 17 November, 2000, to strengthen constant dialogue between the oil exporting and importing countries.
Energy ministers and heads of delegations from 56 countries had welcomed this initiative as they believed that this could push forward the dialogue about cooperation and preparation.
These efforts are the results of a policy based on the importance of cooperation between the oil exporting and consuming countries, which is in the interest of both sides, as they have both experienced many challenges caused by disruption of oil supplies.
Moreover, these efforts are also as a result of Kingdom of Saudi Arabia being the most important and biggest oil exporter in the world, as it owns one quarter of the world's oil reserves, 13 per cent of the world's oil production, more than 20 per cent of petroleum products in the international market, as well as a refining capacity of 4.1 million barrels a day, according to statistics published in a booklet on oil policy and industry in the Kingdom, prepared by the Ministry of Culture and Information.
Since the 1970's, the Kingdom's efforts has focused on promoting bilateral cooperation with most of the world countries through official visits, commercial exchanges, investments, exchange of information and expertise, as well as political cooperation.
The government of the Kingdom of Saudi Arabia, which is committed to the principle of dialogue between oil exporting and consuming countries, has donated a land in the diplomatic enclave in Riyadh city, to construct the headquarters of IEFS, with all the construction costs being borne by the government.
