...Harmps on need to focus on security of market
The Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, today led the Nigerian delegation to the 21st Ministerial Meeting of the Gas Exporting Countries Forum (GECF) which took place in Moscow, the Russian Federation.
The meeting centered on the need for deepening collaboration and cooperation amongst member-countries which will directly contribute to the development of GECF’s stability and guarantee the reliability and security of supply and demand for gas and other energy resources.
Olujimi Oyetomi, Head, Press Unit of the Ministry of Petroleum Resources, in a statement issued today, copy of which was made available to Valuechain Magazine, said that the delegation had the Nigerian Executive Board member to the GECF, Dr. Omar Farouk Ibrahim, the GECF Technical and Economic Council Member for Nigeria, Mr. Bala Wunti and the Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari who also doubles as the OPEC National Representative.
Participating in the Russian Energy Week’s High-Level Plenary Session today, on Maintaining Energy Connectivity in an Unstable World, Chief Timipre Sylva made succinct contributions on Africa’s readiness to ensure a global balance of supply and demand for oil while taking into cognizance, the development of renewable energy sources and more stringent environmental regulations.
According to the statement, the Hon. Minister name-checked the cooperation among OPEC and non-OPEC producers and how this has led to the appreciable stability in the global oil market and the need to move from security of supply and demand to security of markets.
He affirmed Nigeria’s position to ensure compliance and the security of supply while noting that great focus has been placed on monitoring market volatility and ensuring that the balance of supply and demand accurately reflects pricing.
Chief Sylva further assured that Africa is committed to the renewable conversation noting that to overcome energy poverty, concerted and collaborative efforts with great emphasis on technology adaptation must be emplaced, the statement added further.
The Russian Energy Week is organized by the Ministry of Energy of the Russian Federation and the Roscongress Foundation with the support of the Moscow Government.
Image Credits: Roscongress Foundation/ Ministry of Energy of the Russian Federation
