Buhari Wants GECF To Sustain Gas Pricing Mechanism

President Buhari has enjoined the leadership of the Gas Exporting Countries Forum (GECF) to sustain gas pricing mechanism in the international market to the advantage of its members. The President made this call on Monday in Tehran Republic of Iran. President Buhari maintained that Nigeria has diverted the resources recouped from gas into appropriate areas that can develop its economy. He  also urged the member-countries to have economic cooperation amongst themselves. The President made this known in his speech at the ongoing 3rd Summit of GECF in Tehran. Present Buhari revealed in his speech that the nation’s gas reserve base is currently put at 188 Trillion Cubic Feet, but when developed could actually be in excess of 600 Trillion Cubit Feet. He added that Nigeria remains the centre for natural gas supply in the West African sub region, with the construction of 681 kilometer West African Gas Pipeline, currently transmitting gas from the country to neighbouring countries of Benin, Togo and Ghana. President Buhari reiterated that: “the stability of the energy and financial market is critical to ensuring investments in current and future natural gas projects. It is therefore imperative that the GECF plays a significant role towards energy security by driving the formulation of a sustainable pricing mechanism that will guarantee what is fair and reasonable for both producers and consumers.” The President also noted that research and development initiatives should be given priority towards technology innovations in exploration development and processing. He further noted that the logistics and marketing for the benefit of member countries also called for collective effort to halt gas flaring. Leaders of member- countries present for the summit are: Presidents of Russia, Venezuela, Equatorial Guinea, Algeria, Bolivia and Nigeria. The President is expected back today.