Bulgarian President Visits GECF
On Thursday, His Excellency Rumen Radev, President of the Republic of Bulgaria, visited the headquarters of the Gas Exporting Countries Forum (GECF) in Doha.
The meeting was part of the President's official trip to the State of Qatar and was aimed at establishing ties between the Republic of Bulgaria and the GECF in the light of the growing role of Bulgaria in the energy sector.
Among other officials, the presidential delegation included the Ambassador of Qatar to Bulgaria, HE Rashid bin Ali al-Khater and the Ambassador of Bulgaria to Qatar, HE Metin Kazak.
Dr. Sentyurin took the time to familiarize the president with the Forum's deliverables, after which he proceeded to an official word of welcome. He highlighted the Forum's mission and main priority objectives. One of these objectives is to develop the GECF view on gas market developments through short-, medium-, and long-term market analysis and forecasting, an example of which was demonstrated later on in the meeting.
Jointly, GECF Member Countries control 70% of the global proven gas reserves, 45% of gas production, 64% of pipeline gas exports and 54% of LNG exports across the globe.
Dr. Sentyurin underlined the strong environmental focus that exists within the Forum and went on to compliment President Radev on his country's achievements in the field of natural gas, such as the recent agreement signed with neighboring country Greece.
He praised the country's leadership for doing its utmost to guarantee energy security and develop its infrastructure and continued by introducing the GECF's primary long-term forecasting tool, the GECF Global Gas Model (GGM), a unique model developed in-house at the Secretariat.
The GGM shows that the share of natural gas in the global energy mix will increase, from 22% now to 26% by 2040, the only fossil fuel to see an upward trend.
Subsequently, an energy forecast for the Republic of Bulgaria was presented and the study showed that the share of natural gas in the Bulgarian energy mix would increase from 15% in 2017 to 34% in 2040 and that natural gas demand and gas consumption (in the power generation sector) was projected to increase. The final observations were that Bulgaria, based on the GGM, has the potential to significantly increase its role in the European gas market.
President Radev conveyed his appreciation for the welcome and the tailored forecast and expressed his desire for the GECF Secretariat and Bulgarian government bodies to collaborate more closely.