Executive Meeting between OPEC and Siemens AG

No --
Vienna, Austria
05 Feb 2015

Joint Conclusion - An Executive Meeting between OPEC and Siemens AG took place in Vienna today. The meeting was chaired by HE Abdalla Salem El-Badri, OPEC Secretary General, and Mr Joe Kaeser, President and Chief Executive Officer of Siemens AG. The meeting was also attended by an executive-level delegation from Siemens AG, including Board Member and Head of Siemens Power and O&G Business, Lisa Davis, as well as senior officials and department heads from the OPEC Secretariat, including Dr Omar S. Abdul-Hamid, Director of the Research Division.

The meeting follows on from previous technical interactions that have taken place between OPEC and Siemens AG at events over the last few years. These include the Workshop on Oil Use in Power Generation in 2014, and the OPEC R&D Forum on Technology Challenges, Opportunities and Collaboration held in 2013.

During today’s meeting, both parties shared their views on the long-term energy outlook, and the oil market in particular, as well as their perspectives on current technological developments in the energy industry. In particular, the future power generation fuel mix, the energy efficiency of oil and gas production, CO2 abatement with enhanced oil recovery and the impact of urban transportation on the use of transportation fuels were addressed.

The Parties agreed to continue their collaborative efforts in areas of mutual interest in the future.