TEHRAN – The members of the Gas Exporting Countries Forum (GECF) have voiced concern about the unilateral restrictions on economic and energy cooperation and barriers to trade and investments in energy, calling for enhance collaboration in the gas sector on the basis of equality.
The GECF members held a virtual meeting on November 16 under the presidency of Bolivia with the aim of continuing to uphold their common vision and strengthen partnership.
“We… declare our determination to support resilient and inclusive recovery, protect the environment and ensure efficiency and transparency of energy markets in particular natural gas market,” the GECF members said at a joint statement at the conclusion of the video conference.
“While noting that high natural gas prices are not in the interest of buyers or sellers, we reiterate the fundamental role of long-term natural gas contracts and pricing based on oil/-oil products indexation to ensure stable investments in the development of natural gas resources,” the statement added.
“We assume, that as the global economy moves from under the shadow of the COVID-19 pandemic, the resulting shortage of natural gas from Europe to Asia, demonstrates the need for further investments in natural gas an affordable, abundant, and flexible source of energy to achieve energy access for all parts of the world in a sustainable manner,” it noted.
“At the same time, we reiterate the concerns in regards to unilateral restrictions on economic and energy cooperation and barriers to trade and investments in energy and energy-related goods that hinder robust recovery and mitigation of climate change,” the statement stressed.
“We will further promote natural gas as an efficient, abundant and reliable energy resource, develop gas infrastructure and enhance investments in the gas sector. We reiterate that the long-term outlook for natural gas despite the recent upheavals in the energy markets remains positive, natural gas is on course to become the leading fossil fuel in the world by 2050, increasing its share from 23% today to 27% in the global energy mix,” it added.
“The GECF is fully prepared to engage in meaningful dialogue with natural gas and LNG consumers with a view to find ways to bolster the efficiency, stability, and transparency of the gas markets,” read the statement.
“We call on countries to enhance collaboration in the gas sector on the basis of equality, economic efficiency, and mutual respect of interests,” the GECF said.
Participants in the meeting decided that the 24th GECF Ministerial Meeting will convene in Cairo in October 2022.