Egypt's Petroleum Minister, Dr Ahmad Izzeddin Hilaal has called on the industrialized nations to help developing countries bridge the gap between them in production and consumption.
MV De Ahmad Izzeddin Hilaal, Egyptian Petroleum Minister, addresses conference watched by delegates (5 shots)
GV Conference table
CU Dr Abdel Moneim el Banna, Deputy Governor of the Central Bank of Egypt speaking watched by delegates (3 shots)
DR HILAAL: "I believe I hardly need stress that the world energy picture at present remains most uncertain and unclear. Probably the reason is that the world has suddenly awakened to the fact that it has squandered its consumption of that depleting and priceless product, oil. That it was imperative to hasten with the discovery of new non-depleting sources of energy and that achievement of this objective called for fabulous sums as well as time and effort, which cannot be afforded by mere desire. What calls for optimism in this domain is the fact that OAPEC, the organisation of Arab Petroleum Exporting Countries, has for some time now been studying the prospect of establishing an Arab Energy Institute, or centre, which among its responsibilities will be to study the ideal use of petroleum and ways of its conservation. Finally, I wish to lay stress on the fact that the position of the developing countries in general, and the Islamic in particular, should in the future differ from that of the industrialized countries with regard to energy consumption. For, thanks to the cheap energy resources we have afforded them, the industrialized countries have been able to reach their present high standards of progress and prosperity.
DR EL BANNA: "The Common Market and the industrial world in the west, mainly the European Economic Community and in the east, Comecon, they have managed to overcome most of their difficulties. They are taking up the problem much more seriously than we do, and they are getting together, in other words, the east and west they are not forming a common market from each to each of these two regions, but there is a well-marked trend of much closer economic cooperation between the eastern and the western European countries, and unless the south hastens to form a well-knit programme of economic cooperation, the lot of the developing world will be even worse. This is the crux of the problem."
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Background: Egypt's Petroleum Minister, Dr Ahmad Izzeddin Hilaal has called on the industrialized nations to help developing countries bridge the gap between them in production and consumption. Dr Hilaal was speaking in London on Wednesday (6 July) at an international economic conference organised by the Islamic Council of Europe. The conference, which is examining the Muslim world and the future economic order, is scheduled to run until Saturday. In his address, Dr Hilaal also discussed the current world energy situation.
SYNOPSIS: Now it is incumbent on those countries to perform their duty towards the developing states with a view to allowing them to catch up with the drive of development and bridge the gap between them in the field of production and consumption."
Another speaker was Dr Abdel Moneim el Banna, Deputy Governor of the Central Bank of Egypt.