"We are concerned that some environment-related decisions, which some countries are trying to impose, could reduce global consumption of oil," Saudi Oil Minister Ali al-Nuaimi said.

"This could hamper our economic development programmes because of our heavy reliance on oil exports," Nuaimi told an international conference on Clean Development Mechanism (CDM), which opened Tuesday in Riyadh.

"We are trying to (convince) the world to adopt positive environment decisions that safeguard the environment and contribute to global economic development."

Introduced more than eight years ago, CDM is a part of the Kyoto Protocol that aims to reduce greenhouse gas emissions of mainly carbon-based activities by establishing environment-friendly projects using advanced technology.

The CDM is especially crucial for oil-producing nations fearing that their exports could be adversely affected if industrialized countries implement the Kyoto Protocol in six years, thus requiring higher environmental standards.

By setting up environment-friendly projects in developing countries, the industrialized nations receive the so-called Certified Emission Reduction certificates, needed to indicate their compliance to the Kyoto Protocol.

Conference chairman Mohammad al-Sabban, an advisor to the Saudi oil minister, said the kingdom was keen to ensure that "oil does not become a victim of selective policies being adopted by certain countries," a reference to industrialized nations.

"The CDM ensures a fair distribution of commitments between the industrialized countries and developing nations," towards a clean environment under the UN Framework Convention for Climate Change (UNFCCC).

Sabban asserted that using artificial methods by the international community to "reduce energy consumption" will not provide the needed solution for a cleaner environment.

"The solution is through developing the technological alternatives... We believe that CDM provides the required balance between energy, development and environment," Sabban said.

A host of speakers, including OPEC and EU officials, environment experts and CDM and UN executives are taking part in the conference focusing on the legal, financial and methodological aspects of the mechanism.

The conference will also examine investment opportunities available in Saudi Arabia and the rest of the oil-rich Gulf region in new technology projects which reduce gas emissions.

Prominent among these technologies is the carbon capture and storage technology, based on removing carbon dioxide from certain projects and then injecting it in mature oilfields.

Nuaimi said that the use of such technology increases the production of oilfields by 10 percent to 15 percent "which means increasing global oil reserves."

OPEC acting secretary general Mohammad Barkindo, speaking at the opening session, criticised industrialized countries for not paying sufficient attention to CDM projects.

EU and OPEC officials are due to meet on Thursday to discuss means of boosting CDM projects and investments.

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