Text size:

  • Small
  • Normal
  • Large

Opec charity division shares record revenues

Opec's charity organisation says the group shares some of its US$1 trillion in profits with the poor.

While Opec reaps record revenues amid the highest sustained oil prices in history, its charity organisation is sprinkling some of the wealth in villages and schools far from its oilfields.

Opec earned more than US$1 trillion (Dh3.67tn) last year as oil prices hovered at an average of $112 a barrel - the highest in history, according to the International Energy Agency (IEA), the industrialised nation's watchdog.

The director general of the Opec Fund for International Development (Ofid), a charity voluntarily funded by Opec members, defended the scale of the revenues and said that the money was sorely need for improvements at home as well as in developing nations.

"This is our resource. We are selling it," said Suleiman Al Herbishat the World Future Energy Summit. "But we are dividing this money between ourselves and others." Established in 1976, Ofid's contributions go to 120 countries including for the provision of solar cookers to remote villages in Nepal and funding highways in Bolivia.

"There is a philosophy behind creating Ofid, to help the poor, to share our resources with others," said Mr Al Herbish, a former Opec governor for Saudi Arabia. "The best way to display or demonstrate dialogue is to share your resources with others, not to talk to them. So we're sharing our resources."

In 2011, the last year with Ofid data, members pledged $3.4 billion. Ofid gave out $8.8bn, mostly in the form of loans.

Western countries benefit more per barrel than Opec countries, said Mr Al Herbish.

"The final price of the barrel of oil is divided between the producing countries, the consuming countries, and the industry," he said.

"Now most of the revenues from the barrel of oil goes to the industrialised countries, not us, through taxation."

 

ayee@thenational.ae

Back to the top

More articles


Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 An air traffic control tower is seen at the central terminal of LaGuardia Airport on April 8, 2014. Shannon Stapleton / Reuters

In pictures: New York’s LaGuardia Airport in need of a rebuild

With constraints on its resources and no appetite for further debt, private investors and developers are being tapped to rebuild the 50-year-old central terminal for $3.6 billion, instead of using traditional public finance methods.

 The bridge of Seajacks Hydra, as the wind farm installation vessel undergoes finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014. Jeffrey E Biteng / The National

In pictures: Building the Seajacks Hydra

The Seajacks Hydra, a wind farm installation vessel, is undergoing finishing touches and testing works at Lamprell’s Hamriyah facility in Sharjah before its planned delivery on June 2, 2014.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 An Uber taxi driver drives his car through a street in New Delhi, India. Saurabh Das / AP Photo

In pictures: On-demand cab service app Uber targets India

Taxi-hailing smartphone app Uber is making a big push into Asia with the company starting operations in 18 cities in Asia and the South Pacific including Seoul, Shanghai, Bangkok, Hong Kong and five Indian cities in the last year.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.

Events

To add your event to The National listings, click here

Get the most from The National