Moscow – Russian President Vladimir Putin has described Africa as the “continent of the future”, calling for greater investment in the region, as Nigeria and Venezuela urged gas producing countries to strengthen co-operation and promote fairer access to energy at the eighth Gas Exporting Countries Forum (GECF) summit in Moscow.
The summit, held on October 27, brought together representatives of major natural gas producing and exporting nations to discuss energy security, investment, international co-operation and the future of global gas markets.
Putin said Africa’s youthful population and aspirations for better education and living standards made the continent an important destination for investment as the global economy undergoes changes.
“Africa should occupy one of the leading places,” he said.
The Russian leader also spoke about Moscow’s energy partnership with Venezuela, noting that Russian companies had invested billions of dollars in the country’s energy sector.
“I would like to note that Russian economic operators have invested billions of dollars in Venezuela’s energy sector. We hope that this co-operation will continue,” Putin said.
“We are ready to work with the official authorities of Venezuela. We are ready to work with our ministerial partners, as well as representatives of third countries.”
Venezuela’s leader, Delcy Rodriguez, addressed the summit by video link, arguing that peace and respect for international law were essential to maintaining stability in global energy markets.
She said efforts to exclude Russia from international gas markets had carried significant costs for countries worldwide, while calling for closer co-operation among GECF members.
“We consider it indispensable to continue strengthening co-operation among the forum’s member countries,” Rodriguez said.
She called for the development of international gas supply chains and greater exchanges of technical knowledge and expertise between member countries.
Rodriguez also said Venezuela was prepared to use its energy reserves to support global energy balance and strengthen South-South co-operation among developing countries.
Nigeria calls for gas investment
Nigeria’s Minister of State for Petroleum Resources, Ekperikpe Ekpo, called for increased investment in natural gas production and infrastructure, warning that restrictions on financing for gas projects could worsen energy poverty and threaten energy security.
He pointed to the scale of Africa’s electricity access challenge and the potential role of natural gas in supporting industrial development and economic growth.
“600 million Africans still lack electricity. Natural gas can help change this reality by powering industries, creating jobs and expanding opportunity,” Ekpo said.
He urged GECF member countries and other partners to invest in African gas projects, transfer technology and develop local technical skills.
Ekpo also called for measures to reduce methane emissions, eliminate routine gas flaring and improve efficiency across the gas industry.
“For Africa, natural gas must bridge today’s realities and a cleaner and more prosperous future,” he said.
His remarks reflected calls from African energy producers for financing and technology that would allow countries to expand electricity access while developing their natural resources.
Putin criticises energy sanctions
During the discussions, Putin agreed with concerns raised about what he described as unlawful sanctions imposed by some countries on the energy sector.
He said such restrictions had harmful consequences for all participants in energy markets, including producers and consumers.
Putin also recalled the contribution of Iran’s former Supreme Leader, Ayatollah Ali Khamenei, to the establishment of the GECF, expressing appreciation for his role in the organisation’s formation.
The Russian president argued that the transition to a green economy needed to be fair, particularly for developing countries that still depended on fossil fuels to expand their economies and provide reliable energy.
He pointed to Europe’s industrial history, recalling that the European Union originated as an initiative focused on coal and steel.
Europe’s economic development, he said, had been built in part on coal and other hydrocarbons, yet some European countries were now telling developing nations that they should not use the same resources.
“Why should they not be allowed to? What are they supposed to do? Where are they going to get investment, where are they going to get technology? Is that fair?” Putin asked.
He argued that energy transition policies should take account of differences in countries’ economic development and access to financing and technology.
Putin also questioned the consistency of some European countries’ environmental policies, saying they had reopened coal facilities when energy challenges became more difficult.
He called for governments, including those advocating a green transition, to work together on balanced solutions that account for the needs of energy producers and consumers.
“All decisions in this area must be fair,” he said, adding that countries needed to sit together at the negotiating table to develop a balanced approach to the energy transition.
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