The world's big oil companies came under fire at the International Islamic Conference in London on Tuesday (5 July).
SV Pakistani speaker Altaf Gauhar
GV Delegates seated
SV Saudi Arabian delegates Hisham Nazer speaking
GV ZOOM IN Arshad Ayub of Malaysia speaking
GAUHAR: "The oil weapon was not forged by the Arabs. It was forged by Gulf, Shell, British Petroleum. When OPEC was formed in 1959, it was an organisation of sovereign independent states trying to fight not another group of sovereign independent states, but a syndicate of private traders who asserted the impertinent legal fiction that they were the owners of the oil resources of the Moslem world."
Saudi Arabian Minister for Planning Mr. Hisham Nazer was more philosophical.
NAZER: "The unity and stability among the Moslem countries that has been shaping up in recent years are very hopeful signs. In them, we not only see the seeds of development and prosperity, but also regard them as keys to solving the Palestine problem, where a just solution is a desire shared by all Moslem. Now in defining a strategy for development, let us not lose sight of the strategy that is sanctioned by every saint and sage and recently by the American Economic Review, and which is also a central theme for our own belief. The willingness and ability of a people to work hard and effectively on a national scale for a goal that inspires them are perhaps the most important factors in explaining a country's economic development."
ARSHAD AYUB: "Rarely if ever in modern times has so much attention focused on the Moslem world, as now. I believe this is simply because the Moslem countries are endowed with petroleum -- the precious life blood of the industrial nations. With a current interest it is therefore timely for us to review the goal and strategy of economic development for our Moslem countries since our problems and aspirations are likely to be better heeded or attended to and appreciated by the international community at large. In a sense it is befitting that we study the model of the Kingdom of saudi Arabia since it is one of the most important oil producing countries. The country which in my opinion and in my humble opinion is responsible for gaining for Moslem countries the status and prestige they have today."
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Background: The world's big oil companies came under fire at the International Islamic Conference in London on Tuesday (5 July). Mr. Altaf Gauhar, a former Chief Editor of the Karachi newspaper Dawn launched the attack.