DOHA: The ensuing second summit of Gas Exporting Countries Forum (GECF) in Russia will discuss the launch of a financial institution to exclusively fund the infrastructure development of the gas resources of its member countries. The Russian conference will also discuss the possibilities of establishing a Gas Research Institute to strengthen the Forum’s research capability in key areas, GECF’s Secretary-General Leonid Bokhanovskiy (pictured) has said.
On the occasion of the forum celebrating its fourth anniversary in Doha today, Bokhanovskiy said in a note sent to The Peninsula: “As the Forum moves towards the second Gas Summit in Moscow, a number of initiatives are being proposed to facilitate development in the natural gas sector of member countries...”
The idea behind the launch of financial institute is to provide access to funds for the development of infrastructure of the gas resources of member countries. The Gas Research Institute will help strengthen the forum’s research capability in key areas relevant to development of the global energy market as well as studies in topical areas that continue to contribute to debates in the global energy landscape.
With the world’s major Gas & Liquefied Natural Gas (LNG) exporters becoming the members of Gas Exporting Countries Forum (GECF), the forum is set to play an increasingly important role in future. With increasing number of members, the forum will be in a stronger position to stabilise the global natural gas markets. It will also facilitate a more efficient supply and demand management in favor of all stakeholders including suppliers and consumers, Bokhanovskiy hoped.
GECF seeks to build a platform for dialogue between gas producers and gas consumers for stability and security of supply in global natural gas market. It is clear that without well thought-out investments and infrastructure development in the gas industry, it will not be possible to talk about sustainable growth. GECF considers necessary to establish a more predictable and reliable global gas industry.
At the heart of the Forum’s mission is the intent to foster constructive debates about stable and transparent energy market. Since the first Gas Summit in 2011, the Forum has set the frame-work for the delivery of its objectives; Members countries have acknowledged the need to reach a fair price for natural gas.
The Forum general secretary noted the coordination in pricing policies and harmonisation of marketing strategies will contribute to market transparency and will assist in lowering the price volatility. More gas reserves will give an upper hand to the GECF in the international markets to exert and implement the agreed policies by a higher confidence. Once the majority of gas exporters agree and commit on uniform behaviors in the market, we could be expecting desirable decisions to be made in line with the objectives of the Forum. Internationally, he said, GECF is gaining recognition as a ‘Trusted Authority in Gas”.
The Forum’s annual celebrations, to be held at the Diplomatic Club, will be attended by Ministers, members of the Diplomatic corps, Executive Board Members of the GECF and dignitaries.
The Peninsula
