Iran Seeks GECF Investment: Unlocking Opportunities in Gas Projects

At the recent 27th Ministerial Meeting of the GECF, held in Doha, Iran’s Minister of Oil, Javad Paknejad, emphasized the necessity for the Gas Exporting Countries Forum to evolve into a more structured entity. He proposed transforming it into the “Organization of Gas Exporting Countries” (OGEC) to effectively tackle the emerging energy and policy challenges facing the global market.

Paknejad commenced his address by expressing his appreciation to Qatar for hosting the meeting, highlighting the “sensitive time for peace and energy security” in which the discussions occurred. The minister condemned recent aggressive actions by the “Zionist Israeli regime,” pointing to attacks on both Iranian and Qatari territories. He urged all GECF member states to collectively denounce these actions, which he described as threats to regional stability and potential disruptions to the global energy market.

“The Islamic Republic of Iran expects all GECF member countries, as members of one family, to condemn the Zionist regime’s aggressions against two of its members,” Paknejad stated. “These acts pose both short- and long-term consequences for global order and market stability.”

In regard to the global energy outlook, the minister highlighted the increasing significance of natural gas in ensuring energy security and promoting sustainable development. According to projections from the GECF Secretariat, global gas demand is set to surge by 32 percent by 2050, which would elevate its share in the global energy mix from 23 to 26 percent.

Iran, as a major stakeholder, supports a unified goal of achieving a 30 percent share of natural gas in the global energy mix by 2050. This objective reflects the Forum’s collective responsibility, given that GECF member countries hold approximately 70 percent of the world’s proven gas reserves, as reported by SHANA.

Paknejad also expressed concerns about the rising policy pressures aimed at phasing out fossil fuels, warning that these movements could potentially hinder global investments in clean gas technologies and restrict energy access for developing nations. He reaffirmed that natural gas needs to be an integral part of the solution to the dual challenges of energy supply and climate change.

In his speech, he reiterated themes from the 7th GECF Summit Declaration in Algiers (March 2024), with a focus on:

• Combating energy poverty
• Supporting sustainable development
• Investing in cleaner technologies for gas production

The Iranian minister did not hold back in criticizing unilateral sanctions imposed on resource-rich nations, labeling them as “disruptions that undermine market stability and raise supply costs.” Despite facing intensified sanctions, Paknejad noted that Iran continues to bolster its gas production and enhance efficiency through domestic innovation and international collaboration.

Paknejad extended an invitation to GECF members to invest and collaborate in Iran’s natural gas projects, assuring that Tehran is ready for “any form of joint collaboration.”

Looking towards the future, he proposed the establishment of a high-level dialogue platform between gas producers and consumers to help stabilize supply and demand in global markets. To facilitate this, he suggested a structural reorganization of the Forum, which may include evolving into the Organization of Gas Exporting Countries (OGEC).

In closing, Paknejad expressed gratitude to GECF Secretary General Mohamed Hamel for his leadership and service. He reaffirmed Iran’s commitment, as a founding member, to enhancing cooperation within the Forum.

“Through solidarity, dialogue, and cooperation, the GECF can play a key role in shaping global energy market developments,” Paknejad emphasized. “The Islamic Republic of Iran stands ready to strengthen its active and constructive participation in achieving the GECF’s common objectives.”

As the energy landscape continues to evolve, the role of natural gas will undoubtedly be pivotal in addressing both current and future challenges in energy supply and climate policy. The discussions initiated at the GECF meeting will be crucial for fostering collaboration among member states and ensuring a stable energy future.