GECF expects major growth amid evolving energy landscape

(MENAFN) The Gas Exporting Countries Forum (GECF) anticipates a substantial increase in global demand for natural gas, projecting a growth rate of 34 percent by the year 2050. Against the backdrop of this forecast, Algiers is currently hosting a pivotal meeting of the GECF, coinciding with a period of transformation in the energy sector characterized by diminishing demand for traditional fossil fuels such as oil and gas, coupled with intensifying competition from renewable energy sources.

Comprising nations that collectively possess more than two-thirds of the world's natural gas reserves, the GECF is convened amidst the challenges posed by shifting energy dynamics. Russian Energy Minister Nikolai Shulginov, who arrived in Algeria for the extraordinary ministerial preparatory meeting leading up to the seventh summit of the GECF, underscored the importance of enhancing the "Algiers Declaration." Shulginov emphasized the declaration's significance in fostering coordination on gas infrastructure and devising strategies to safeguard it against potential accidents. Additionally, he highlighted the declaration's role in shaping the forum's policy framework and facilitating the accession of new member countries, marking a pivotal development for this influential energy organization.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.