Qatar hosts 18th ministerial GECF gas exporting summit
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.”