The 7th Summit of the Gas Exporting Countries Forum (GECF), which concluded in Algeria on Saturday, rejected unilateral economic restrictions and political manipulation of gas prices.
During the summit, the leaders approved the Algiers Declaration in the spirit of solidarity and cooperation.
The Algiers Declaration affirmed the GECF Member Countries' commitment to work to create balanced and reliable natural gas markets.
Read out by the Minister of Energy and Mines of Algeria Mohamed Arkab, the Declaration carried the GECF's concerns over the recurring volatility in natural gas demand that adversely affects global economic performance, and its determination to work with all parties to achieve balanced and reliable natural gas markets.
It also reiterated the importance of medium and long-term natural gas contracts, equitable and stable natural gas prices, and sustained natural gas investments for enhancing energy security and supporting the development of resilient energy systems.
Condemning all unilateral economic restrictions undertaken without the prior approval of the United Nations Security Council, the Declaration also expressed rejection of any extraterritorial application of national laws and regulations against GECF Member Countries that negatively impact the development and trade of natural gas and jeopardize the natural gas supply security.
It underscored the crucial need for security of demand and security of supply, and for open and transparent international collaboration to protect critical natural gas infrastructure and enhance resilience to natural disasters, technological incidents and man-made threats, including, but not limited to, malicious use of information and communication technologies.
Encouraging the natural gas utilization for the benefit of producers, consumers, and other relevant stakeholders, the Declaration reaffirmed the importance of cooperation and coordination among GECF Member Countries for the development of research, innovation, knowledge and technology transfer related to natural gas. it also stressed the fundamental role of natural gas in achieving the United Nations Sustainable Development Goals, satisfying rising global energy needs, and securing universal access to affordable, reliable, sustainable, and modern energy for all.
The Declaration stressed the importance of the contributions of eco-friendly natural gas in addressing climate change challenges, and its importance in achieving just, equitable, orderly, inclusive and sustainable energy transitions, while taking into account national circumstances, capabilities and priorities, and that economic growth, social progress and environmental protection are the three intertwined and mutually-supportive pillars of sustainable development.
Highlighting the risks and challenges to the natural gas market derived from the geopolitical and economic situation, especially in terms of physical flows, market functioning, contractual arrangements, flow of sustainable investments and the integrity of critical natural gas infrastructure, it stressed the paramount importance of adopting transparent and non-discriminatory legal and regulatory frameworks and predictable energy, trade, fiscal, and environmental policies in natural-gas-importing and -transit countries.
The Declaration carried calls for timely investment for market stability and unhindered flow of financial resources, access to technology, and a non-discriminatory knowledge transfer.
It also expressed the GECF Member countries' determination to promote innovative technologies for natural gas and connected industries, through the Gas Research Institute, rejecting any measures in direct contravention of international trade rules as well as artificial interventions in natural gas markets, including attempts to alter the price discovery and risk management functions of markets, as well as the imposition of politically-driven price caps.
It reaffirmed the absolute and permanent sovereign rights of the GECF Member Countries over their natural gas resources.