24th GECF Ministerial Meeting
The 24th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) was held on 25 October 2022 in Cairo, the Arab Republic of Egypt. His Excellency Tarek El Molla, Minister of Petroleum and Mineral Resources of Egypt, chaired the meeting in his capacity as President of the GECF Ministerial Meeting for 2022.
The meeting was attended by the energy ministers and top officials from Members Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Qatar, Russia, Trinidad and Tobago, and Venezuela, as well as from Observers Angola, Azerbaijan, Iraq, Malaysia, Mozambique, and the UAE.
The Minister in charge of energy of Papua New Guinea attended the meeting as a guest, as well as a high-level official from Mauritania.
In his opening remarks, HE Minister El Molla said: “We are convening at a critical time when global efforts are dedicated towards achieving the energy trilemma for security, sustainability and affordability. As the cleanest hydrocarbon fuel, natural gas is seen as the perfect solution that strikes the right balance, and will continue to play a key role in the future energy mix. Egypt is eager to work closely with all GECF members to develop applicable and realistic initiatives that ensure both energy security and a just energy transition pathway.”
The Ministerial Meeting emphasised the GECF objective of supporting the permanent sovereignty of its member countries over their natural resources and their ability to independently plan and manage the sustainable, efficient, and environmentally conscious development, use, and conservation of natural gas resources for the benefit of their people, including through cooperation with neighbouring countries without restrictions.
It also reiterated the importance of cooperation and coordination between Member Countries and reaffirmed its support for genuine and strengthened dialogue between producers, consumers, and other relevant stakeholders with the objective to ensure the security of demand and the security of supply, as well as open, transparent, unhindered, and non-discriminatory gas markets.
The Ministerial Meeting discussed at length the multidimensional crisis that encompasses the economy, energy, trade, health, environment, and geopolitics. It noted with concern the rising risks stemming from gloomy economic prospects, inflation unseen in decades, tightening financial conditions, and supply-chain disruptions. The escalating geopolitical tensions coupled with the economic restrictions imposed on some countries have made the prospects even more uncertain. The adverse impacts on people’s standard of living are substantial. They are even larger among the poorest, and in particular in developing countries.
The Meeting underscored that natural gas markets are undergoing dramatic changes in terms of physical flows, market functioning, contractual arrangements, and investment
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