President Buhari in Iran for Gas Exporting Countri

HE al-Sada with ministers who attended the 17th Ministerial Meeting of the Gas Exporting Countries Forum in Tehran on November 21.

The final declaration will give special attention to the joint investment and mutual cooperation among the GECF member states, Iranian Oil Minister Bijan Namdar Zangeneh said in his opening remarks.

Rouhani said Iran had been working for two years to increase its gas production capacity via pipelines to neighbouring countries or liquefied natural gas (LNG) shipments further afield.

Putin will also partake in the Gas Exporting Countries Forum (GECF) in Tehran, which is scheduled for Monday.

Apart from Buhari, President Teodoro Obiang Nguema Mbasogo of Equatorial Guinea is also in Iran.

Compared to other big producers like Qatar or Russian Federation, Iran places the neighboring countries in the heart of its gas locations, and is particularly interested in exporting gas to Afghanistan and then in Iraqi Kurdistan while it is now exporting to Pakistan, Iraq and Oman.

The summit will also provide a framework for exchange of experience, views, information and data, as well as coordination in gas-related developments among member countries.

GECF is now comprised of 18 member countries, including 12 main and 6 observer members. “We don’t need to receive any permission from any organisation for our return to the previous level of production”.

Crude futures have already lost around 60 per cent of their value since mid-2014 as supply exceeds demand by roughly 0.7 million to 2.5 million barrels per day to create a glut that analysts say will last well into 2016.

Iran is eyeing a return to the global energy stage as sanctions pressures ease in the wake of a July nuclear agreement reached between Tehran, the five permanent members of the United Nations Security Council and Germany.