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OPEC, GECF sign MoU to strengthen cooperation

3 October 2019
ОПЕК, ФСЭГ подписали Меморандум о взаимопонимании в целях укрепления сотрудничества

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.