EU-GCC Cooperation on Energy. Technical Report

Energy remains central to EU-GCC relation. Fossil fuels are the most traded product between the two regions due to proximity and the complementarities of their energy production and consumption patterns. Having a third of the world's oil reserves, GCC countries have paid only limited attention to their domestic energy consumption. However, the rising cost of electricity production and the relative shortage in gas production are changing the governments' strategies: they tend today to recognise the importance of diversifying local energy supplies and are moving towards market reform and a sustainable energy mix. The Joint Action Program between the EU and the GCC, launched in 2010, pays particular attention to renewable energy following the idea of energy diversification encouraging GCC countries to step forward in alternative energy and energy efficiency options. Renewable energy and energy efficiency thus present excellent opportunities for EU-GCC cooperation and partnership. This report aims to identify such opportunities in the field of energy, which is tightly linked to environmental and climate change issues. The report written by the OME research team is based on the analysis of primary and secondary data emerging from the contributions and knowledge of European and GCC stakeholders.