Maintaining the stability of global gas markets – Qatar Minister of Energy and Industry

Maintaining the stability of global gas markets – Qatar Minister of Energy and Industry

His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry, stressed the significance of maintaining the stability of the global gas markets and to promote investments in new gas projects for the best interests of producers and consumers.

Speaking before the Ministerial Meeting of the Gas Exporting Countries Forum (GECF), which was held in the Iranian capital, Tehran, H.E. the Minister said: “Member countries of the GECF have great potentials to contribute in the growth of the global economy, which has been recovering due mainly to the increase in the demand for natural gas as the main component and environment-friendly in the energy mix.”

H.E. Dr. Al-Sada referred to the 19th United Nations Conference on Climate Change (COP19) to be held next week in the Warsaw, Poland, highlighting the environmental aspects of natural gas as a clean source of energy.

H.E. the Minister also stressed the need for follow up and implementing the declarations of Doha and Moscow summits, including the full and permanent sovereignty rights of member states in developing and utilizing its natural resources and in the need to ensure security of demand and supplies.

The GECF Ministerial Meeting discussed the challenges facing the global gas industry, and the participants exchanged views on various issues and the updates in global gas markets. The meeting agenda included presentations on gas industry development, the mechanisms that motivate the markets at present and the anticipated ones in the future, in addition to the various energy policies in the main consuming countries and areas.

The presentations also included the LNG potentials and expectations of demand and supply, the impact of economic development, a detailed overview of the map of natural gas production, the confirmed global reserves that exceed 187 trillion cubic meters, and an analysis of the production and consumption trends.

During the meeting, Mr. Mohamed Hussein Adli, the candidate of the Islamic Republic of Iran, was elected as the new Secretary General of the GECF, succeeding Mr. Leonid Bokhanovsky whose tenure ends in December this year. The meeting also endorsed/approved the organization’s operational budget and work plan for 2014.

At the conclusion the meeting, the members agreed to hold the 16th Ministerial Meeting in November 2014 in Doha, which hosts the GECF’s permanent office.

Oil and Gas Press