October 3, 2019
OPEC, GECF sign MoU to strengthen cooperation
Today on the sidelines of Russian Energy Week the Secretaries General of the Organization of
the Petroleum Exporting Countries
(OPEC) and the Gas
Exporting Countries Forum (GECF) signed the Memorandum of Understanding (MoU) to strengthen cooperation in research and
the sharing of best practices. The Russian Energy Week is
organized by the Ministry of Energy of the Russian Federation and the
Roscongress Foundation with the support of Moscow Government.
The purpose of the MoU is to establish and strengthen cooperation in
order to carry out activities and share experiences, views, information and
best practices in areas of mutual interest.
The MoU follows discussions that took place earlier this year between
the Secretaries General on the sidelines of the 9th IEA-IEF-OPEC
Symposium on Energy Outlooks. The symposium took place at the International
Energy Forum (IEF) Secretariat in Riyadh, Saudi Arabia.
OPEC, based in Vienna, Austria, is an
intergovernmental organization with nearly 60 years of successful experience in
the coordination
and unification of the petroleum policies of its Member Countries and in
ensuring the stabilization of oil markets in order to secure an efficient,
economic and regular supply of petroleum to consumers, a steady income to
producers and a fair return on capital for those investing in the petroleum
industry. OPEC was created during the Baghdad Conference of 10-14 September
1960 by IR Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
GECF, with headquarters in
Doha, Qatar, is an international governmental organization established with the
aim to support the sovereign rights of its Member Countries over their natural
gas resources and their abilities to develop, preserve and use such resources
for the benefit of their peoples, through the exchange of experience, views,
information and coordination in gas-related matters. GECF was established
during the First Meeting of Ministers held in Tehran, IR Iran, on 19-20 May
2001.
