Russia is planning to increase its natural gas supplies eastward, Russian President Vladimir Putin said at a summit of the Gas Exporting Countries Forum (GECF).
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He has held Government positions in Iran such as advisor to the minister of oil on worldwide affairs, deputy foreign minister for economic and energy affairs, governor of Central Bank, advisor to President of the Islamic Republic of Iran as well as Iranian ambassador to Japan, Canada and the United Kingdom.
Also speaking, GECF President and Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, identified market volatility, increasing competition, price war and escalating cost of infrastructure development as the key challenges facing the gas industry in general and the GECF in particular.
Venezuelan President Nicolás Maduro has met Iranian Supreme Leader Ali Khamenei in Tehran.
He will also meet with Nigerians living in Iran.
The 2015 meeting of the member countries of GECF in Tehran is expected to review the current market outlook on gas and discuss strategies for boosting gas production.
The official underlined that a significant portion of the energy demand will require new investments especially in the countries possessing oil and gas reserves and continued “on the basis of estimations, new investments worth about 10 trillion dollars must be done in the world’s oil and gas industries until 2040”.
“The 3GECF Summit is of high importance as the GECF members account for 42 percent of global gas output and the 67 percent of global gas trade”, Ahmad Sajadi, Iranian lawmaker told Trend November 23.
Azerbaijan has received the status of observer in the Gas Exporting Countries Forum (GECF), APA reports quoting RIA Novosti.
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Presidents of Bolivia, Russia, Equatorial Guinea, Nigeria, Venezuela, Iraq and Turkmenistan, as well as Algerian prime minister attended the meeting.
