Qatar hosts 18th min­is­te­rial GECF gas ex­port­ing sum­mit

Kuwait Times - - BUSINESS -

DOHA: The 18th Min­is­te­rial Meet­ing of the Gas Ex­port­ing Coun­tries Fo­rum (GECF) kicked off in Doha Thurs­day. Speak­ing at the open­ing speech, Qatari Min­is­ter of En­ergy and In­dus­try Dr Mo­hammed bin Saleh Al-Sada, who is also Pres­i­dent of 18th Min­is­te­rial Meet­ing of the Gas Ex­port­ing Coun­tries Fo­rum (GECF), has out­lined the im­por­tance of the 18th GECF min­is­te­rial meet­ing.

He as­cribed this im­por­tance to two rea­sons: Firstly, be­cause of the con­di­tions of the mar­ket we are fac­ing now and in the near fu­ture that re­quire us to ad­dress it as ap­pro­pri­ately and as early as we can; and se­condly be­cause of two im­por­tant doc­u­ments that have been made ready for our at­ten­tion, namely, the GECF Long Term strat­egy and the GECF Global Gas Out­look 2040. He pointed out that the Long Term Strat­egy de­fines the Or­ga­ni­za­tion’s vi­sion, mis­sion, strate­gic goals and long-term pri­or­ity ob­jec­tives.

It also in­cludes key strate­gic in­stru­ments and ini­tia­tives to suc­cess­fully achieve each of its pri­or­ity ob­jec­tives, he noted. “The adop­tion of this doc­u­ment is very im­por­tant at this stage as this is go­ing to be the first GECF Long term strat­egy that will pave the way ahead of us for the years to come,” Al-Sada said. “In fact, the two im­por­tant draft doc­u­ments of long-term strat­egy and GECF out­look are the re­sult of such praise­wor­thy en­deav­ors,” he said. He added that “This is our 18th Min­is­te­rial Meet­ing since we be­gan our col­lec­tive strive to safe­guard our in­ter­ests in the gas sec­tor.

To­day, we are meet­ing at the time of tran­si­tional changes in the en­ergy mar­ket in gen­eral and in gas mar­ket in par­tic­u­lar. The changes that are bring­ing both op­por­tu­ni­ties and chal­lenges for all of us as gas ex­port­ing coun­tries.” Since last year in Tehran, global gas mar­ket de­vel­op­ments have been chang­ing the dy­nam­ics of the mar­ket even in a more rapid way than be­fore, Al Sada pointed out. He in­di­cated that the de­mand for nat­u­ral gas grew in 2015 by 1.9%, more than dou­ble of that of 2014 and is ex­pected to con­tinue to grow dur­ing the next year al­beit with lower pace. “The sup­ply side de­vel­op­ments, how­ever, are shap­ing new dy­nam­ics and trends in the mar­kets and, as a re­sult, is set to cre­ate a new en­vi­ron­ment of com­pet­i­tive­ness.”

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.