BY: Hana Saada
ALGIERS- Today marks the commencement of the 7th Gas Exporting Countries Forum (GECF) in Algiers, where representatives from 19 gas-producing nations will convene to address the future of the gas industry and navigate a deregulated market. The ad hoc high-level committee will meet to draft the Algiers Declaration, to be presented for approval by member countries next Saturday, aiming to serve as a guiding principle for the trajectory of the global gas market amidst maneuvers for deregulation by consumer nations.
At a critical juncture where energy challenges loom large globally, Algeria stands at the forefront of discussions as the summit tackles crucial issues such as investment in the gas sector, intra-cartel cooperation, and the geopolitical impact on the market. This comes in a backdrop of emerging energy hubs, adding complexity to price stability considerations.
Minister of Energy and Mines, Mohamed Arkab, characterized the summit as pivotal, emphasizing the focus on bolstering cooperation among major gas-producing nations to ensure market stability and address challenges related to demand for this clean energy resource in the coming period. Discussions will center on adapting cooperation mechanisms to ensure global energy security, emphasizing the importance of securing supply and demand through long-term commercial contracts and enhancing collective efforts in investment and project financing.
While prospects for natural gas as a transitional energy source appear promising, evolving geopolitical dynamics pose challenges to the GECF’s objectives. Hence, strengthening and consolidating the group have become imperative for exporting countries to assert themselves as key players. With GECF projections indicating a 34% increase in global gas demand by 2050, the forum’s report on market prospects until 2050, to be presented today, holds significant importance in shaping the group’s vision to master the market.
In a move to foster cooperation in training among cartel members, the inauguration of the GECF Gas Institute at the Ministry of Energy will take place today. Algeria’s selection as the host for this institution underscores its leadership in gas industry management, infrastructure, decarbonization efforts, and innovation. The institute will serve as a hub for research and innovation dedicated to enhancing gas-related technologies, as affirmed by the Minister of Energy.
With the 7th Gas Summit underway, Algeria reaffirms its commitment to shaping the future of the gas industry and contributing to global energy security and sustainability.
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Recently honored with the Media Leadership Award from the Minister of Communication, Mohamed Laâgab, Dzair Tube continues to shape the landscape of Algerian digital news, maintaining a position of influence and impact in the media industry.
