Buhari, in Tehran, canvasses fair pricing for gas

PRESIDENT Muhammadu Buhari has charged the Gas Exporting Countries Forum (GECF) to take appropriate steps towards sustaining the pricing of gas at the international market for the benefit of member countries.

The President made the call during his remarks at the third summit of the GECF in Tehran, the capital city of Islamic Republic of Iran.

Buhari, who disclosed that Nigeria was taking appropriate steps to turn its abundant gas resources into veritable catalyst for development, equally called on the forum to foster technical and economic cooperation among member states.

The President pointed out that Nigeria, which had in the past focused on developing crude oil, is currently facing global decline in revenues from the resource.

He, however, expressed the hope that the nation’s proven gas reserve base currently put at 188 trillion cubic feet could actually be in excess of 600 trillion when developed.

The President assured participants that Nigeria remained the hub for natural gas supply in the West African sub region with the construction of 681-kilometre West African Gas Pipeline, which currently transmits gas from the country to neighboring countries of Benin, Togo and Ghana.

He said: “The stability of the energy and financial market is critical to ensuring investments in current and future natural gas projects.”