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Business / Qatar Business

GECF Ministerial Meeting reviews dynamics of gas industry

Published: 13 Nov 2020 - 08:27 am | Last Updated: 01 Nov 2021 - 08:56 pm
Peninsula

The Peninsula

The 22nd Ministerial Meeting of the Gas Exporting Countries Forum (GECF) assessed the current dynamics in the natural gas industry and acknowledged that the fundamentals that will drive natural gas’ projected growth to the top of the global energy mix remain unchanged. The meeting was held yesterday, under the Chairmanship of H E Abdelmadjid Attar, Minister of Energy of the People’s Democratic Republic of Algeria as its President. The meeting was convened by videoconference. It was attended by Energy Ministers and top authorities from Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela, as well as Angola, Azerbaijan, Iraq, Malaysia, and Norway as Observers. Heads of Energy Administrations of Indonesia, Mozambique, Senegal, Tunisia, and Turkmenistan along with the leadership of ERIA, IEF, and OPEC attended the opening session as the guests of the forum. It was decided that the 23rd Ministerial Meeting of the GECF will convene in Doha, on November 16, 2021. Natural gas is the fastest-growing fossil fuel in the world and will become the leading source in the global energy mix by mid-century, increasing its share from 23 percent today to 28 percent.

The Ministers stressed that this abundant and flexible source of energy will continue to satisfy the increasing world energy needs, as well as the exigencies of the three pillars of sustainable development, namely economic development, social progress and the protection of the environment. The Meeting reaffirmed its determination to enhance the pace of cooperation to raise the efficiency of the GECF. In his opening remarks, H E Minister Abdelmadjid Attar provided an overview of the developments in the gas industry and outlined the strategic imperatives that will carry it forward, as well as the key role of the GECF as a unique platform for multilateral dialogue between gas exporting countries and gas-consuming countries and the industry.

Yury Sentyurin, GECF Secretary General, presented the Management Report of the Secretariat, highlighting the various activities undertaken in 2020 and aimed at realising the vision as enshrined in the 2019 Malabo Declaration, the Forum’s Statute, its Long-Term Strategy, the 5-Year Working Plan, and the 2019 and 2020 Programmes of Work. Ministers welcomed the launch of the 2020 edition of the GECF Annual Statistical Bulletin and appreciated the data-driven insights that it provides. Furthermore, the Ministerial Meeting hailed the brand new GECF Annual Short-Term Gas Market Report. In reviewing the status report on preparations of the 6th Summit, the Ministers recorded their satisfaction with the progress made by Qatar as the host of this flagship biennial event, scheduled to be held in Doha on November 18, 2021.

Algeria will host the 7th GECF Summit in Algiers in 2023. The meeting appointed H E Franklin Molina Ortiz, Minister of Hydrocarbons, the Plurinational State of Bolivia as President of the Ministerial Meeting for 2021, and H E Senator the Honourable Franklin Khan, the Minister of Energy and Energy Industries of the Republic of Trinidad and Tobago, as Alternate President for the same period. Furthermore, the Ministerial Meeting appointed Eng Mohamed Hamel from Algeria as the Executive Board Chairman and Eng Angel Gonzalez Saltron from Venezuela as the Alternate Chairman of the Executive Board for the same period