Iran elected to chair executive board of Gas Exporting Countries Forum

Oil Minister Mohsen Paknejad made the announcement on Thursday on the sidelines of the 27th GECF Ministerial Meeting.

Speaking to IRNA, Paknejad described the election as one of the summit’s key achievements. He also noted that a proposal to elevate the GECF from a forum to a formal organization was well received and added that the move is expected to strengthen the body’s influence in global energy platforms, particularly among gas-producing and exporting nations.

Paknejad underscored the growing global demand for reliable energy, driven by population growth, urbanization, and the pursuit of development and prosperity. He emphasized the pivotal role of natural gas in meeting these needs.

According to projections from the GECF secretariat in 2025, global gas demand is expected to increase by 32% by 2050. The share of natural gas in the global energy mix is forecast to rise from 23% to 26%.

The minister concluded that these figures highlight the strategic importance of natural gas in ensuring global energy security. He urged GECF member states, who collectively hold around 70% of the world’s natural gas reserves, to expand supply to the global market, aiming for a 30% share in the energy mix by 2050.