President Muhammadu Buhari will depart Abuja on Sunday for Tehran where he will participate in the 3rd Gas Exporting Countries’ Forum opening in the Iranian capital on November 23, 2015.
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The meet was opened by Iran Oil Minister Bijan Zanganeh with participation of Ministers of the Member States and observers of the Forum.
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.
Besides Putin, presidents of Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan and the Algerian prime minister have been confirmed to participate at the summit.
GECF is now comprised of 18 member countries, including 12 main and 6 observer members.
“Iran is now considering the completion of its Liquefied Natural Gas (LNG) plants” which will elevate the country’s capacity of gas exports, he said.
Moreover, this proposal was adopted at the meeting in Moscow and whose final declaration called for strengthening the coordination of actions to protect the interests of gas exporting countries in all areas, including interactions with regulation authorities of consumer countries. They account for 85 percent of total gas trade around the world. It is considering to build a large pipeline network that would connect its huge South Pars gas field with European customers. Production from Iran is already rising, holding steady at around 2.85 million barrels per day from the 2013 average of 2.67 million bpd.
“I do not expect a new agreement [on the quota] to be made on December 4”, he added.
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“The global oil market is in a hard situation where supply exceeds demand”, he said, according to Iranian energy network Shana. Iran’s oil production has fallen to 2.7 million bpd since then. In return, Tehran agreed to long-term curbs on its nuclear programme in a landmark July deal with the so-called P5+1 powers.
