Addressing the 3rd GECF Summit in Tehran on Monday, president of Nigeria appreciated the Islamic Republic of Iran for excellent arrangements pertaining to holding the summit.
The president went on to say that the 3rd GECF Summit could also provide a good opportunity for the member countries to hold talks about gas market developments, GECF targets and the challenges the club facing in world scene.
According to Buhari, natural gas as a source of energy play a great role in moving towards the goals of sustainable development, protecting environment and smooth supply of the fuel.
Nigeria is one of the largest gas exporting countries in the world, Nigerian president said, adding the county’s gas reserves stand at 180 trillion cubic meters which is higher in comparison to its oil reserves equivalent.
Elsewhere in his remarks, he said stability in the world energy markets depends on investment and implementation of large gas projects noting GECF could play a great role in the area.
GECF is the intergovernmental forum of the world’s leading gas producers that provides a framework for exchange of experience, views, information and data, as well as coordination in gas related developments among member countries.
It consists of 19 main and observer members with its permanent secretariat based in Doha, Qatar.
Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates, are main members of the gas exporting body. Observer countries are the Netherlands, Iraq, Oman, Azerbaijan, Peru, Kazakhstan and Norway.
GECF members account for 42 percent of global gas output, 70 percent of global gas reserves, 40 percent of pipe gas transmission, and 65 percent of global trade of Liquefied Natural Gas (LNG).
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