Gas Exporting Countries Meet in Algeria to 'Strengthen Sovereignty' over Resources

The Algerian Minister of Energy welcomes delegations participating in the Gas Summit. (Ministry of Energy)
The Algerian Minister of Energy welcomes delegations participating in the Gas Summit. (Ministry of Energy)
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Gas Exporting Countries Meet in Algeria to 'Strengthen Sovereignty' over Resources

The Algerian Minister of Energy welcomes delegations participating in the Gas Summit. (Ministry of Energy)
The Algerian Minister of Energy welcomes delegations participating in the Gas Summit. (Ministry of Energy)

Leaders of the Gas Exporting Countries Forum will gather on Saturday in the Algerian capital to discuss stabilizing energy prices and meeting the growing demand for gas, especially since the outbreak of war in Ukraine in February 2022, as well as defending gas as a clean source of energy, in the context of ongoing talks on reducing carbon emissions.

In remarks on Friday, Algerian Minister of Energy and Mines Mohamed Arkab said that the summit constitutes an important opportunity for promoting dialogue and constructive cooperation among member states.

He added that Algeria is “a leading country in the natural gas industry, investing greatly in the areas of exploration, development, processing, transportation and marketing of natural gas.”

The Algerian minister underlined that the country was also working to strengthen its position as a historical and reliable supplier of natural gas, continue to fulfill its obligations, and conduct a continuous dialogue with its partners to find appropriate solutions to confront the challenges facing the natural gas industry.

On the eve of the launch of the experts’ preparatory sessions on Thursday, Arkab said that joint cooperation between gas-producing countries will be on top of the talks of the 7th Summit of Gas Exporting Countries.

He stressed that the discussions will address “cooperation to ensure global energy security, serve the common interest through long-term commercial contracts, and enhance joint efforts in the field of investment and financing future projects.”

Sources in the Algerian government told Asharq Al-Awsat that the meeting would mainly discuss the increasing demand for energy and the role of gas in contributing “positively to the energy transition,” in addition to the issue of removing carbon from natural gas, by employing advanced technology to make energy cleaner, especially with regard to electricity production and industries that have large gas emissions, such as steel, cement, and chemicals.

The Gas Exporting Countries Forum is an international governmental organization founded in Tehran in 2001, and includes the world’s major natural gas producers. The political and economic bloc seeks to strengthen the sovereignty of its members over their natural gas resources, and to intensify cooperation and dialogue on energy-related issues.

The Forum includes 12 permanent member states (Russia, Iran, Qatar, which are the largest producers, Venezuela, Nigeria, the Emirates, Trinidad, Tobago, Algeria, Bolivia, Egypt, Equatorial Guinea, and Libya), and 7 members with an “observer” status (Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique and Peru).



Iran Lawmakers Move to Sack Country’s Economy Minister as Rial Plunges 

A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
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Iran Lawmakers Move to Sack Country’s Economy Minister as Rial Plunges 

A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters
A currency dealer counts Iranian rials as the value of the rial drops, in Tehran, Iran, February 9, 2025. Majid Asgaripour/WANA (West Asia News Agency) via Reuters

Iran’s parliament on Wednesday received a motion from lawmakers seeking to dismiss Economy Minister Abdolnaser Hemmati amid a sharp decline in the national currency, the rial.

Under Iranian law, Hemmati must appear before the legislature within 10 days to defend his record in a session that could result in his removal.

Ahmad Naderi, a Tehran MP and member of the parliament’s presiding board, said 91 lawmakers had signed the motion.

The move follows closed-door talks between President Masoud Pezeshkian and Hemmati with MPs over the plunging rial, which has lost nearly half its value since Pezeshkian took office in July.

On the black market, the rial is now trading at more than 900,000 to the US dollar, compared with less than 600,000 in mid-2024.

The slide has accelerated since the fall of Syrian president Bashar al-Assad, a longtime Iranian ally, on December 8.

Decades of US-led sanctions have battered Iran’s economy, with inflation worsening since Washington pulled out of a landmark 2015 nuclear deal in 2018.

US President Donald Trump, who returned to the White House in January, has revived his policy of “maximum pressure” on Iran, further tightening restrictions on the country.

Pezeshkian has vowed to seek a return to the nuclear accord and the lifting of sanctions, but diplomatic efforts have so far to make any headway.

In April 2023, lawmakers dismissed the industry minister Reza Fatemi Amin over soaring car prices.