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The summit decided to promote natural gas as an abundant, affordable, flexible, and reliable energy source, for harnessing and developing more environmentally friendly, efficient and sustainable technologies
Member nations of the Gas Exporting Forum have agreed to cooperate in battling volatility in market demand. Importantly, the summit decided to promote natural gas as an abundant, affordable, flexible, and reliable energy source, for harnessing and developing more environmentally friendly, efficient and sustainable technologies.
These crucial decisions were taken at the 7th edition of the Forum’s summit held in Algeria. The summit was attended by heads of state and government from 14 countries, including Russia, Iran, Qatar, Venezuela, and several guest nations.
The theme of the summit addressed several issues the oil industry is confronting under the overall theme “Natural Gas for a Secure and Sustainable Future”, price volatility being a challenge stemming from reduced demand for gas and competition from alternative sources of renewable energy.
Algerian president and host, Abdelmadjid Tebboune, highlighted the need for strengthening the position of gas as a sustainable and environmentally friendly resource. This, he underscored, needed continued cooperation and dialogue that can help shape a collective vision. Recurrent volatility of natural gas demand adversely affected global economic performance, he added. The summit called for drawing up medium- and long-term natural gas contracts, fair and stable natural gas prices, and sustained investment to enhance energy security and support the development of resilient energy systems.
The Summit welcomed the accession of the Republic of Mozambique, the Islamic Republic of Mauritania, and the Republic of Senegal to the Forum, reaffirming the GECF’s collective pursuit of fostering energy cooperation and dialogue.
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The leaders welcomed the inauguration in Algiers of the headquarters of “the Gas Research Institute to expand cooperation in, inter alia, natural gas technologies, scientifically-guided research, and innovation-led capacity-building”, for the benefit of GECF Member Countries.
