V FPEG Summit agrees to support the common interests of member countries

In Malabo, Equatorial Guinea, the member countries of the Summit of the Forum of Gas Exporting Countries agreed during their V meeting held in Malabo, Equatorial Guinea, to support common interests in order to strengthen the multilateral instance.

They also decided to agree on fair gas prices to guarantee a stable investment in the development of natural gas resources as an ecological fuel.

The full text is detailed below:

Malabo Declaration

Natural Gas: Energy for Sustainable Development

We, the Heads of State and Government of the Member Countries of the Forum of Gas Exporting Countries (FPEG), at the invitation of His Excellency Mr. Teodoro Obiang Nguema Mbasogo, gathered in Malabo, Equatorial Guinea, on November 29, 2019, for the 5th FPEG Summit in a spirit of solidarity and cooperation:

Reaffirming the absolute and permanent sovereign rights of the Member Countries over their natural gas resources.

Recalling the Statements of the FPEG Summits held in Doha, State of Qatar, in 2011, Moscow, Russian Federation; in 2013, Tehran, Islamic Republic of Iran, in 2015; and Santa Cruz de la Sierra, Plurinational State of Bolivia, in 2017.

Recognizing:

The essential role of natural gas in achieving the United Nations Sustainable Development Goals, in particular Objective 7, as a favorable, affordable, reliable, accessible and flexible natural resource to guarantee economic development and social progress.

The vital importance of natural gas and the development of related infrastructure to ensure global energy security and more sustainable and resilient energy systems.

The indispensable contribution of natural gas for the protection of the environment and, in particular, for mitigation and adaptation to climate change.

The leading position of the FPEG Member Countries that own most of the world’s natural gas resources, in the production and trade of gas, and their willingness to develop these resources for the benefit of producers and consumers.

Reiterating:

The determination to strengthen global energy security as reliable suppliers of natural gas to meet the growing global energy demand.

The importance of the fair value of natural gas to ensure sufficient investments throughout the gas value chain and the need to share risks equally among all those interested in the gas market to maintain security of demand and supply natural gas.

The importance of coordination and cooperation between FPEG Member Countries and the promotion of dialogue between gas producing and consuming countries to ensure the free functioning and stability of gas markets.

The will to continue improving the effectiveness of the FPEG in promoting international cooperation for the development of the gas industry.

The strategic function of the development, deployment and transfer of advanced technologies for a more efficient production and use of natural gas in order to increase its economic and environmental benefits.

Expressing:

Deep concern and disagreement regarding unilateral economic restrictions assumed without the approval of the United Nations Security Council and the extraterritorial application of national laws and regulations against FPEG Member Countries that negatively affect the development and trade of natural gas .

Condemnation of pirate attacks and vandalism actions that disrupt energy infrastructure operations.

We solve our common determination in the sense of:

Promote natural gas as an affordable, abundant and reliable source of energy by encouraging the expansion of the use of natural gas nationally and internationally in different forms and sectors.

Improve the contribution of natural gas as a destination fuel for mitigation and adaptation to climate change, and the protection of the environment.

Support the common interests of the Member Countries, as stipulated in the Summit Declarations, the Statute of the FPEG and the Long Term Strategy, through appropriate policies and measures to maximize the benefits of natural gas for economic development and progress social of our peoples.

Strengthen the FPEG as an effective platform for Member Countries to cooperate in matters related to natural gas by further developing the experience of the organization, mechanisms for sharing information, experience and best practices;

Encourage the exchange of opinions and the joint analysis of market conditions and perspectives of natural gas through the appropriate mechanisms of the FPEG to promote international gas trade.

Support the fundamental role of long-term gas contracts, as well as the price of gas based on the indexation of petroleum / petroleum products, to ensure a stable investment in the development of natural gas resources.

Improve the international positioning of the FPEG by attracting new members, promoting dialogue between producers and consumers and expanding cooperation with relevant intergovernmental and international organizations and entities.

Expand cooperation in the development, deployment and transfer of advanced technologies in the gas, upstream, middle and downstream sectors between Member Countries, in particular through the FPEG and the Gas Research Institute.

Collaborate in the development of gas infrastructure and in the protection of critical gas facilities aimed at ensuring their safety, resistance to natural disasters, technological incidents and man-made threats, including the malicious use of information and information technologies. communication.

Promote cooperation towards greater use of natural gas as an ecological fuel in the transport sector, including the supply of maritime fuel.

The Heads of State and Government welcomed the proposals of the State of Qatar to organize the 6th FPEG Summit in 2021 and the People’s Democratic Republic of Algeria to organize the 7th FPEG Summit in 2023.

The Heads of State and Government of the Member Countries of the Forum of Gas Exporting Countries express their appreciation to His Excellency Mr. Teodoro Obiang Nguema Mbasogo, President of the Republic of Equatorial Guinea for his excellent leadership at the 5th FPEG Summit, as well as the Government and the People of the Republic of Equatorial Guinea for their hospitality and excellent organization of the 5th FPEG Summit.

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