At the end of the summit of gas exporting countries, which was held on Saturday in the Algerian capital, the leaders unanimously adopted the Algiers Declaration, which notably condemns unilateral economic sanctions.
“We condemn all unilateral economic restrictions taken without the prior approval of the United Nations Security Council and any extraterritorial application of national laws and regulations against member states of the Gas Exporting Countries Forum (GECF),” the Declaration said. ‘Alger.
These restrictions “negatively affect the development and trade of natural gas and constitute a threat to the security of natural gas supplies,” she continues.
FPEG representatives also claimed the “absolute and permanent sovereign rights of member states over their natural gas resources”. The FPEG, founded in 2001, brings together 12 countries: Algeria, Qatar, Russia, Iran, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela and the United Arab Emirates. The Secretary General of the FPEG, Mohamed Hamel, announced on Friday that the Forum’s ministers had approved on Friday the accession of Senegal to the grouping as an observer member. These Saturday convictions are a message intended in particular for the United States and Western countries which have taken unilateral sanctions against Russia since it invaded Ukraine.
“Permanent investments”
This summit, attended by many leaders, including Iranian President Ebrahim Raïssi and Emir of Qatar Tamim bin Hamad al-Thani, was held in the context of persistent tensions on the markets. Strong growth in gas demand is forecast in 2024 compared to 2023, supported by forecasts of colder temperatures and falling prices, according to the latest report from the International Energy Agency (IEA).
In the Algiers Declaration, participants also insisted on “the importance of medium and long-term natural gas contracts, fair and stable natural gas prices and permanent investments in the field of natural gas to strengthen security energy and support the development of resilient energy systems.
During his opening speech, Algerian President Abdelmadjid Tebboune declared that this summit was “an opportunity to have a common vision which preserves both the interests of producers and consumers”.
Natural gas “plays an essential role in achieving sustainable development and meeting the world’s growing energy needs,” he added. According to the FPEG, its members, and seven other associated countries, represent 70% of proven gas reserves and 51% of global liquefied natural gas (LNG) exports. “By 2050, demand for natural gas is expected to increase by an impressive 34%, significantly increasing its share of the global energy mix from the current 23% to 26%,” the FPEG estimated in its annual report. Global Gas Outlook 2050” published Thursday.
