Kremlin says Moscow summit could herald new phase in Gas Exporting Countries Forum cooperation
MOSCOW. Oct 26 (Interfax) - The Moscow summit could herald a new phase in cooperation between Gas Exporting Countries Forum (GECF) members, Russian presidential aide Yury Ushakov told reporters.
The GECF is an international, intergovernmental organization. Members control 70% of the world's proven gas reserves, 38% of its production, 42% of global gas exports and 47% of LNG exports. The GECF has 12 full members - Algeria, Bolivia, Venezuela, Egypt, Iran, Qatar, Libya, Nigeria, Russia, Trinidad and Tobago, Equatorial Guinea and the UAE. There are eight observers - Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru, and Senegal; and two guest countries - Turkmenistan and South Africa - have been invited to the summit.
The GECF's activities were informal until 2008 and primarily limited to exchanging opinions and data on various aspects of gas production, transportation and sales. However, developments in key markets prompted members to change the GECF's operating principles and institutionalize it to protect their interests more effectively. The decision to transform the GECF into an international organization was made at the 7th Ministerial Meeting in Moscow in 2008.
The dialogue within the GECF developed amid discussions about whether the Forum could become a gas market equivalent to the Organization of Petroleum Exporting Countries. Russian energy industry leaders even acknowledged that self-regulation in the gas and coal sectors along similar lines to OPEC could benefit the sector. But Russian Deputy Prime Minister Alexander Novak said in 2021 that the GECF's task was "not to regulate the market." "Its task is to exchange opinions and technologies, conduct joint research, consult, and make forecasts regarding the gas market," he said.
Ushakov said he was confident that "the Eighth GECF Summit in Moscow will be an important milestone in advancing gas industry's interests on the global stage."
"The GECF has invariably adapted to changing global realities, while reaffirming the central role of natural gas in the energy mix. The international energy environment today is undergoing transformation. The global system is characterized by fragmented trade, finance, and technology flows, geopolitical tensions, higher vulnerability of critical infrastructure and the emergence of regulatory and financial practices that could constrain long-term investment in energy projects," he said.
"In this context, the GECF's role can evolve toward a new stage of cooperation to enhance the sustainability, strategic autonomy and development potential of its member countries. This stage would build on the declarations made at previous summits. The principles of fair value, long-term contractual stability, equitable risk sharing and non-discriminatory market mechanisms remain fundamental. The Moscow summit brings an opportunity to shape the next stage of cooperation and cement the Forum's evolution from a platform focused primarily on market coordination into a broader system that strengthens the sustainability, technological potential and long-term strategic positioning of its member countries in the global energy system," Ushakov said.
"We believe it is important to work together to enhance the organization's authority and advance key priorities, such as countering the creation of any needless barriers to the free exchange of energy resources and technologies, protecting critical gas infrastructure and expanding the number of GECF participants and dialogue partners," he said.
