The Algeria Declaration Confirms The Commitment Of The Members of the Gas Exporting Countries Forum to Work to Create Balanced and Reliable Markets
Baghdad / NINA /- The Algiers Declaration issued at the conclusion of the seventh summit of heads of state and government of the Gas Exporting Countries Forum, which was held today, Saturday, in Algiers, affirmed the commitment of the members of the forum to work to create balanced and reliable markets for natural gas.
The Declaration, which was read by the Algerian Minister of Energy and Mines, Mohamed Arkab, to the summit participants, expressed “concern about the recurring fluctuations in demand for natural gas, which negatively affect the performance of the global economy,” stressing the resolve of the member states of the forum to “work with all parties to reach balanced and reliable for the natural gas.
The declaration also stressed "the importance of medium- and long-term natural gas contracts, the importance of fair and stable natural gas prices and permanent investments in the field of natural gas to enhance energy security and support the development of resilient energy systems."
The Algeria Declaration also expressed the Forum’s condemnation of “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, which negatively affects the development and trade of natural gas and constitutes a threat to the security of natural gas supplies.
The declaration pointed to “the urgent need to ensure demand and secure supplies, and for open and transparent international cooperation to protect sensitive natural gas installations and enhance resilience in the face of natural disasters, technological accidents, and human-caused threats, including, but not limited to, malicious use for information and communications technologies.
The declaration included encouragement to use natural gas resources to promote sustainable development that benefits producers and consumers alike, stressing the importance of cooperation among members to develop research, innovation, and transfer of knowledge and technologies. It also recognized the fundamental role of natural gas in achieving the United Nations sustainable development goals and meeting growing energy needs. Pointing out the importance of access to reliable, sustainable and modern energy.
The declaration also focused on the contribution of environmentally friendly natural gas to confronting the challenges posed by climate change and its importance in achieving just, equitable, moderate, comprehensive and sustainable energy transitions. This comes, taking into account economic and social growth and environmental protection, which are the three pillars of sustainable development.
The Algeria Declaration pointed out the risks and challenges facing the natural gas market resulting from the geopolitical situation, market operating rules, the flow of investments, and the safety of sensitive natural gas facilities, stressing the need to establish transparent, non-discriminatory legal and regulatory frameworks and predictable energy, fiscal, and environmental policies in gas-importing countries.
The declaration also called for timely investment in market stability, the unhindered flow of financial resources, access to technology and the transfer of knowledge without discrimination.
The Algeria Declaration affirmed the forum members’ determination to develop innovative natural gas technologies through the Gas Research Institute, and their refusal to introduce any means or restrictions that directly violate the rules of international trade, in addition to rejecting any artificial interference in natural gas markets and capping prices for political motives.
The declaration approved the absolute sovereign rights of the forum countries over their natural gas resources.”/End
