‘Russia has serious plans to boost gas output’

Russian President Vladimir Putin said on Monday that his country has devised serious plans to increase its production of natural gas.

Putin, who was speaking at the opening ceremony of the Gas Exporting Countries Forum (GECF) summit in Tehran, said Moscow is already taking steps to facilitate make huge investments in all sectors of the Russian gas industry.

He said preparations have also been made to boost exports of natural gas to global markets, adding that sales to Asia will specifically increase to 128 billion cubic meters (bcm) per year.

Putin further emphasized that Moscow is determined to help pave the way for the collective efforts by GECF member states to push ahead their joint interests.  

Nevertheless, he emphasized that the Forum faces numerous challenges.

To overcome those challenges, he said, all member states need to expedite their efforts to develop their resources and create secure routes for exports of gas through pipelines or as liquefied natural gas (LNG).   

Putin further emphasized that cooperation among GECF member states is necessary over various aspects of the gas industry, stressing that this will help guarantee their sustainable development.  

He said that in order to attract further investments, gas producers should not overlook past experiences.  To the same effect, he emphasized that long-term gas contract should not be scrapped.

Putin said all members of the GECF need to take the appropriate measures to reduce the risks of their gas industry. Accordingly, he emphasized that natural gas buyers should share investment risks with producers.

Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants.

This is the third summit of GECF countries, coming in the midst of changing dynamics in the global gas market and an imminent removal of US-led sanctions on Iran.

Previous GECF summits were held in Qatar in 2011 and in Moscow in 2013.

GECF is currently comprised of 18 member countries, including 12 main and 6 observer members.

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates, and Venezuela are the forum’s main members.

Kazakhstan, Iraq, the Netherlands, Norway, Oman and Peru are observer members of the Gas Exporting Countries Forum.

The summit is expected to provide member states with an opportunity to consult and exchange views on the most important issues concerning them in the framework of the GECF.

It will also allow GECF member countries to discuss at the highest level developments, trends, and policies related to energy, in general, and natural gas, in particular, and also to reaffirm their continued support for the objectives of the forum. 

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