GECF : energy stability and international cooperation
The 7th ministerial meeting of the Gas Exporting Countries Forum (GECF), recently held in Algiers, provided an opportunity for members to discuss challenges and opportunities in the global gas sector. The conclusions of this meeting, along with the ensuing Algiers Declaration, demonstrate the commitment of member countries to energy stability and international cooperation.
By the editorial staff
One of the key points from the GECF conclusions is the acknowledgment of the crucial role of natural gas in the global energy transition. Members emphasized the importance of promoting cleaner use of gas to reduce carbon emissions and mitigate climate change. This includes the development of carbon capture and storage (CCS) technologies and the promotion of clean hydrogen as an energy vector.
The Algiers Declaration reaffirms the commitment of member countries to close cooperation to ensure the stability of global gas markets
Simultaneously, the Algiers Declaration reaffirms the commitment of member countries to close cooperation to ensure the stability of global gas markets. Members pledged to strengthen dialogue and coordination to ensure reliable and sustainable gas supplies worldwide. This also involves promoting transparent and fair policies and commercial practices to foster an open and competitive global gas market.
Furthermore, the GECF conclusions and the Algiers Declaration underscored the importance of investment in gas infrastructure, including pipelines, liquefied natural gas (LNG) export terminals, and storage facilities. These investments are crucial to ensuring supply security and facilitating global gas trade.
The meeting also highlighted the importance of enhancing cooperation between GECF member countries and other stakeholders in the gas sector, such as oil producers, gas consumers, and international organizations. This collaboration is critical for addressing common challenges and seizing opportunities in the evolving global gas market.
Drawing a common vision
The host country, Algeria, is one of the world’s leading producers and exporters of natural gas.
As the host country of the GECF meeting, Algeria holds a special position in discussions on the gas sector. Algeria is indeed one of the world’s leading producers and exporters of natural gas, with significant reserves. Its developed gas infrastructure provides opportunities for sharing experiences, best practices, and opportunities for cooperation and mutual development in the gas sector.
The GECF also took the opportunity during the summit to award its annual prizes for the year 2024 to institutions and individuals who have made outstanding contributions to the gas sector. Sonatrach, the national hydrocarbon company, won the first prize, showcasing its significance in the sector. Other recipients, such as the Iranian Institute of Petroleum Research and the Emirati oil company Adnoc, were also honored, along with individuals such as Ali Hached and Denis Lonov, for their remarkable contributions.
