BY: Dr. Hana Saada
ALGIERS- The 7th summit of the Gas Exporting Countries Forum (GECF) concluded its deliberations yesterday, with the heads of state and government adopting the Algiers Declaration, condemning unilateral measures jeopardizing the security of natural gas supply.
Algeria, hosting this significant gas summit, successfully met the challenge of aligning views and convincing GECF members to work together towards establishing balanced and mutually beneficial natural gas markets. However, the Algiers Declaration went beyond mere rhetoric. It boldly vocalized what members of the forum had been silently pondering. The declaration shed light on disruptions in the global gas market, pinpointing the real reasons behind the turmoil. It expressed concern over the recurrent volatility in natural gas demand, negatively impacting global economic performance, while highlighting member countries’ determination to collaborate with all stakeholders to achieve balanced and reliable natural gas markets.
Furthermore, the Algiers Declaration underscores the importance of medium and long-term natural gas contracts, fair and stable natural gas prices, and sustainable investments in natural gas to enhance energy security and support resilient energy systems. It emphasizes the urgent need to secure demand and supplies and the necessity of open and transparent international cooperation to protect sensitive natural gas infrastructures and enhance their resilience to natural disasters, technical incidents, and anthropogenic threats.
Algeria against Economic Lobbies’ Measures
The Algiers Declaration courageously confronted energy lobbies imposing their laws on the world’s economies by outrightly condemning unilateral economic restrictions undertaken without prior approval from the United Nations Security Council. The summit bravely challenged these economic and political lobbies, notably gas consumers, who, with impunity and outside the rules of internationally authorized institutions, sanction member countries of the forum.
In the same spirit of courage and confronting the heavyweights of the global economy, the Algiers Declaration also disapproved of unprecedented unilateral fiscal actions purportedly justified by ensuring energy supply security, at the expense of natural gas market rules and risking exacerbating imbalances to the detriment of vulnerable populations. In line with defending gas market rules, the Algiers Declaration also rejected “any artificial intervention in natural gas markets,” including attempts to alter price determination and market risk management, as well as politically motivated price caps, which can only worsen market conditions and discourage necessary investments to meet global energy demand. On another front, the Algiers Declaration did not hesitate to unmask those who assumed the role of saviors of the planet and humanity by imposing their rules to serve their personal interests. The adopted text thus affirmed its rejection of “any use of climate change as a justification for measures that impede investments in natural gas projects” and thus create any means of arbitrary discrimination or disguised restrictions in direct violation of commercial rules.
Support for Long-Term Contracts and Oil-Price Indexation
Moreover, GECF members affirmed their common determination to promote natural gas as an abundant, affordable, flexible, and reliable energy source, exploiting and developing more environmentally friendly, efficient, and sustainable natural gas technologies. They also advocated for broader use of natural gas at national and international levels as a strategic measure to combat energy poverty and pursue the United Nations’ Sustainable Development Goals. This includes defending natural gas as an essential energy source for a fair, inclusive, and prosperous future, ensuring that no one is left behind.
In the same document, forum members affirmed their support for the fundamental role of long-term natural gas contracts, as well as pricing based on oil/oil product indexation, to ensure regular investments in the development of natural gas resources. In this regard, they called for increased use of natural gas in maritime and land transportation and the development of necessary infrastructure to supply it to all consumers efficiently and cost-effectively. With that said, GECF members expressed their determination to contribute to the inclusion of natural gas as an environmentally sustainable resource in climate, investment, and tax regulations, international banking, and global trade. They also pledged to enhance the GECF’s visibility internationally, attract new members, encourage partnerships, facilitate dialogue between producers and consumers, and expand cooperation with relevant international organizations and entities. They also committed to supporting the development of GECF expertise and mechanisms for common projects, to strengthen the forum’s role as a leading platform for dialogue and cooperation on natural gas-related issues.
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