The French Minister of Economy, Finance and Industry, Thierry Breton has underlined the importance of opening the Riyadh-based International Energy Forum Secretariat (IEFS) and said the Forum would provide a fine opportunity to discuss problems pertaining to petroleum.
In a press statement following the opening of IEFS on Saturday evening, the French Minister said the Forum had reviewed the request of the Group 7 countries to the oil producing countries to increase investments in hiking productive capacities and raising number of oil refineries, as well as opening a channel for French and other European companies to participate in implementing petroleum projects.
On his part, the British Chancellor of Exchequer Gordon Brown underscored the importance of the IEFS and said it would provide a good opportunity for enhancing cooperation between oil producing and consuming countries as well as for establishing a database for petroleum.
"The Saudi initiative to establish the Forum's headquarters in Riyadh will positively contribute to the stability of the oil market", he said.
