On February 29, Algeria will host the VII summit of the Gas Exporting Countries Forum (GECF) with the participation of officials from Russia, Bolivia and Venezuela, in particular dedicated to issues of security and energy transition.
Exporting more than 50 billion cubic meters of gas annually and with prospects for increasing these volumes, Algeria intends at this forum to “shape the energy future as a global champion of natural gas” and “contribute to sustainable development and energy security,” he said. This Sunday, Energy Minister Mohamed Arkab to the official news agency APS.
The goal is to “support member countries’ sovereign rights over their resources” and contribute to inclusive and sustainable development,” he said.
With significant natural gas reserves and production of approximately 100 billion cubic meters per year, half of which is exported, Algeria is one of the world’s largest supply sources and a major exporter of liquefied natural gas (LNG).
The company currently intends to develop its liquefied natural gas activities to meet high demand in the global market and increase its participation in future contracts.
LNG production capacity was consolidated through the commissioning of new natural gas liquefaction complexes, providing a global production capacity of 56 million cubic meters per year.
During the summit, the headquarters of the GECF Gas Research Institute (GRI), hosted and led by Algeria, will be inaugurated.
“GRI was created to promote technology cooperation and conduct research to advance technology and knowledge in the gas industry, including training programs, knowledge exchange between countries and partnerships between universities,” Arkab emphasized.
The summit will also serve to sign memorandums of understanding between the GECF and important international and regional organizations, the minister added.
The GECF is an intergovernmental organization whose member countries account for 70% of the world’s proven gas reserves, more than 40% of industrial production, 47% of gas pipeline exports and more than half of the world’s LNG exports.
Full members are Algeria, Russia, the United Arab Emirates, Bolivia, Venezuela, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar and Trinidad and Tobago, and Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Norway and Peru. Observer status on the forum.
The VI GECF summit took place in Doha in February 2022.
Author: Lusa
Source: CM Jornal
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