GECF leaders to co-operate on natural gas development

THE Sixth Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) ended in Doha, Qatar on Tuesday, with the Prime Minister and the other leaders making several resolutions in the Doha Declaration.

The resolutions included encouraging the expanded use of natural gas, increasing the share of natural gas in maritime and land transport and improving the international trade conditions for natural gas. Trinidad and Tobago has been a member state in the GECF since 2008. Founded in 2001, the GECF comprises 19 member and eight observer states. The former include Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, TT and Venezuela.

In a statement issued by the GECF's secretariat on Tuesday, the leaders indicated the resolutions were guided by a previous declaration in Qatar (2011), Russia (2013), Iran (2015), Bolivia (2017) and Equatorial Guinea (2019). Leaders reaffirmed the absolute and permanent sovereign rights of GECF member countries over their natural gas resources. They also reaffirmed the willingness of the GECF member countries to develop their natural gas resources for the benefit of both producers and consumers.

Leaders reiterated the importance of co-ordination and co-operation within and between GECF member states, as well as dialogue between producers, consumers and other relevant stakeholders, for the promotion of international co-operation aimed at ensuring the viability and sustainability of gas markets. The importance of long-term gas and LNG (liquefied natural gas) contracts, equitable and stable prices in support of continued investments in the vital global gas industry, were also underscored.

GECF member countries committed themselves to 12 resolutions in the Doha Declaration. These included promoting natural gas as an abundant, affordable, clean, and reliable source of energy; encouraging the expanded use of natural gas domestically and internationally; working towards increasing the share of natural gas in maritime and land transport, and developing the necessary infrastructure to provide natural gas to consumers and support the fundamental role of long-term gas contracts as well as the gas pricing based on oil/oil products indexation to ensure stable investments in the development of natural gas resources.

The declaration acknowledged the GECF's determination "to continue working together and overcome the negative consequences of the covid19 pandemic to provide efficient and reliable gas supplies and further develop the gas industry. GECF member countries also expressed their deep concern and disagreement regarding "unilateral economic restrictions undertaken without the approval of the UN Security Council." They also expressed concern about the "extraterritorial application of national laws and regulations against GECF member states that negatively affect the development and trade of natural gas."

Algeria will host the 7th GECF Summit in 2023.