These objectives are set out in the ‘Moscow Declaration’, adopted at the conclusion of the forum, according to the Turkish news agency Anadolu.
Furthermore, the GECC countries intend to expand consultations to coordinate actions aimed at ensuring reliable gas supplies, strengthen cooperation in the protection of critical gas infrastructure, and promote a “pragmatic, fair and balanced transition to low-carbon energy”.
As the publication notes, the declaration emphasises the “absolute and inalienable sovereign right” of states to manage their natural resources. The document also expresses deep concern about the impact of geopolitical events, particularly in the Middle East, on the global gas market. It contains a firm rejection of unilateral sanctions and expresses concern about the consequences of tariff measures.
The bank as an instrument of long-term financing
The declaration itself makes no mention of the creation of an international ‘gas bank’. However, at the FEGC ministerial meeting held on the eve of the summit of heads of state, the idea of establishing such a bank to support gas projects in member countries was discussed in detail. This was reported by Financial One, citing remarks by Russian Energy Minister Sergei Tsivilev.
“A gas bank could become a driver of development for the global energy market, providing countries not only with financial products but also with advisory support and business solutions from the market’s major players,” said Tsivilev.
The Gas Exporting Countries Forum is an international intergovernmental organisation. The agreement on the functioning of the GECF came into force on 30 September 2009. Full members are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the UAE and Venezuela.
A further eight states have observer status: Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru and Senegal. Turkmenistan and the Republic of South Africa were invited as guests to the current summit.
Since 2011, summits of the heads of state and government of the Forum’s member countries – high-level meetings – have been convened every two years.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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