Hamid Bord, at the twenty-eighth ministerial meeting of the Gas Exporting Countries Forum (GECF) held today (Monday, October 25) in Moscow, emphasized the necessity of discussing strategic developments in the gas industry and the challenges facing energy markets. He expressed gratitude for the hospitality of the government and people of the Russian Federation and honored the memory of the martyrs of the recent war by the United States and the Zionist regime against Iran.
Complex Global Energy Developments
The head of the Ministry of Oil, referring to the twenty-fifth anniversary of the establishment of the Gas Exporting Countries Forum, stated that the global energy system is in one of the most complex periods of geopolitical, economic, and technological developments. He asserted that the recent energy crisis, resulting from the imposed war by the United States and the Zionist regime against the Iranian nation, once again demonstrated that energy security is a concept that goes beyond economic and technical dimensions and has a deep connection with peace, regional stability, and respect for the national sovereignty of countries.
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International Cooperation for Energy Security
Bord noted that recent experiences show that aggressions can have consequences beyond regional borders and negatively impact energy supply security and global economic growth. He emphasized that global energy security cannot be achieved without the security of energy producers and effective international cooperation, adding that the Gas Exporting Countries Forum should become a platform for strengthening convergence and cooperation among producing countries.
Bord also referred to the rapid global developments and emphasized that, while maintaining the fundamental principles of the forum, priorities and cooperation mechanisms should be rearranged according to new conditions. He identified flexibility in the face of global energy crises and strengthening the role of natural gas as one of the important pillars of energy security and global economic development as strategic priorities of the Islamic Republic of Iran.
He predicted that global demand for natural gas would increase by 31% by 2055, reaching over 5400 billion cubic meters, with its share in the global energy mix rising from about 23% to 26%. Bord added that these forecasts indicate the continued strategic importance of natural gas in the coming decades.
The head of the Ministry of Oil, referring to the enormous volume of investments needed to meet future needs, noted that meeting global needs by 2055 would require about 11 trillion and 600 billion dollars in upstream investments and 735 billion dollars in midstream gas industry investments. Thus, total investments will exceed 12 trillion dollars.
Bord concluded by emphasizing that creating a stable and predictable environment increases the necessity for cooperation among member countries in various fields and that focus should be placed on joint mechanisms for financing and investing in gas projects.
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