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The Organisation of Arab Petroleum Exporting Countries (OAPEC) has announced that the UAE will be its chair for 2010 according to the rotational presidency policy of the 10 member states.
Zawya Dow Jones reported that the announcement was made in Cairo, Egypt during the Ministerial Council meeting that took place in the North African state.
OAPEC also ratified the 2010 budgets of OAPEC and the judicial authority to the amounts of US$7 million and $122 million respectively.
The council also heard a study on oil refineries and the development of natural gas resources in Arab states.
OAPEC also stated that it was sending a delegation to the forthcoming Copenhagen Climate Conference.
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