Alexander Novak meets with Secretary General of the Gas Exporting Countries Forum Mohamed Hamel
Alexander Novak meets with Secretary General of the Gas Exporting Countries Forum Mohamed Hamel
Alexander Novak meets with Secretary General of the Gas Exporting Countries Forum Mohamed Hamel
Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, at a meeting with Alexander Novak
Alexander Novak meets with Secretary General of the Gas Exporting Countries Forum Mohamed Hamel
Deputy Prime Minister Alexander Novak met with Secretary General of the Gas Exporting Countries Forum (GECF) Mohamed Hamel on the sidelines of the Russian Energy Week International Forum.
Alexander Novak praised the GECF as an important platform for comprehensive dialogue on the energy sector and expressed Russia’s interest in further enhancing the organisation’s standing in the gas market, where the demand for constructive cooperation is growing in the face of geopolitical pressure.
The Deputy Prime Minister outlined some priorities for cooperation between Russia and the GECF, including scientific research and analytics, technological partnerships in gas chemistry, the creation of a gas development bank and a network of research centres around the world.
“The GECF predicts a 34 percent increase in global gas demand by 2050, the growth being driven by developing countries in the Asia-Pacific Region, the Middle East and Africa. The GECF should take advantage of its capacity and vast experience to stimulate the global energy market, providing developing countries with access to financial products, consulting support, and business solutions from the largest market players. The GECF gas bank should address underinvestment in the industry as its key mission, especially in a situation where global development institutions refuse to finance gas projects, promoting only renewable energy sources,” Alexander Novak said.
Both parties stressed that, as an environmentally friendly fuel, gas will prevail in the global fuel and energy balance in the next 25 years. This should be facilitated by the new tools GECF members will utilise, particularly through swap deals and the establishment of gas hubs to cut logistics costs, as well as by concluding profitable long-term contracts with gas consumers. They also need to create secure payment mechanisms and expand cooperation in the supply of equipment and technologies.
