2024-02-20 20:15:09
ALGIERS- The 7th Summit of the Gas Exporting Countries Forum (GECF), scheduled for February 29 to March 2 in Algeria, will emphasize the important role of gas in the future, being “an essential material that “we cannot replace it with renewable energies (ENR)”, indicated, Tuesday in Algiers, the international expert in oil prices and energy policies, Dr. Mamdouh Salama.
This statement was made during a conference organized by the Ministry of Communication on “Oil prices, between the reality of supply and demand and the control of speculation”, which took place in the presence of the Minister of Communication, Mohamed Laagab, directors of media establishments and a number of senior executives.
Mr. Salama, also an energy advisor to the World Bank (WB), said that the importance of gas “is at the same level as that of oil in the world”, stressing that “this material is essential and cannot be be replaced by ENR”.
In this context, the Jordanian expert estimated that the energy transition “is overvalued, given the importance of gas and its considerable capacity to produce electricity compared to ENR which constitutes intermittent energies that do not unable to cover global needs.
“This is where Algeria’s role comes in to highlight the importance of this matter, particularly through the GECF, in addition to its approach aimed at achieving consensus between States capable of ensuring the organization of the market for gas and more profitability for gas producing and exporting countries,” argued Mr. Salama.
The WB Advisor added that with regard to the objectives for which the Summit is being held, there is in particular “the preservation of the interests of gas producing and exporting countries, as well as the interests of consumers, in the face of certain steps which aim to maintain low gas prices, it is expected that the Algiers Summit will be “a success”, stressing that this event will constitute “a point of transformation in the history of the gas market in the world”, especially since it will confer a sort of global stability around gas and its prices, in addition to its role in the future.
Referring to oil prices, the expert believes that “manipulation and speculation will not last for long”, while predicting their increase this year.
In his speech, the Algerian expert in geostrategic issues, Lagha Chegrouche, affirmed that the holding of the Algiers Summit has “substantial significance”, indicating that Algeria is “capable of bringing together points of view, able to preserve the interests of countries exporting this energy and build strategic common ground.
According to the expert, Algeria is at the forefront of initiatives inherent to the gas industry, recalling that it was the first country to have exported liquefied gas from the natural gas liquefaction industrial complex of Arzew, which establishes it as a “special country and pioneer in this industry”.
Concerning the 7th GECF summit in Algeria, he estimated that the event will allow “discussing substantive issues”, affirming that it will come out with “strategic decisions in the field of gas with a view to guaranteeing the interests of the parties” .
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