Ladies and Gentlemen
I wish to welcome you all to our 12th meeting for the GECF member countries which I believe it is very good occasion to exchange and discuss the current gas market conditions under the existing economic and political changes that are recently taking place in our area and worldwide.
 Furthermore, this meeting will discuss arrangements and preparations of the first Gas Summit, which will gather the GECF leaders for the first time. The Summit is considered an excellent opportunity for setting a vision and strategies that contributes to the stability of energy markets and facilitates achieving the aspirations of our nations and the whole world. 
Natural gas is gaining more ground every day, domestically and internationally, not only as an economic privileged clean fuel but also as feedstock for major value-added industries. As well as its major contribution and impact on countries economics. 

Ladies and Gentlemen
As Nations’ welfare is directly linked to reliable access of energy supplies,,,,, energy security is vital for energy importing as well as exporting countries, and for industrialized as well as developing economies. Natural gas is expected to be the fastest growing primary energy source worldwide.
For Egypt, natural gas has become the main core of the Egyptian national energy balance,,,,, our objective is to maintain the balance between local market and export commitments, with priority given to the local demand.
Expected increase in global gas demand means that considerable new gas production capacity will have to be added; accordingly, huge investments need to be availed. Consuming and producing countries should cooperate to provide adequate investments in the right timing to find and develop energy resources.

Technological advancement has become a crucial factor for progress and success in all activities. We can achieve a breakthrough by exchanging expertise among our countries, making advantage of joint research and intensifying technology transfer.
Above all, more mature and liberalized gas markets with more balanced and stable pricing schemes are required for the gas industry to be able to provide adequate supplies.
Flexible pricing formulas and contractual mechanisms that allow frequent relook is strongly required to keep a continuous balance among all concerned parties that will allow and help maintaining a fair and sustainable relationship between sellers and buyers.

This was exactly our understanding of how this relation should be when we got into a renegotiation process for revising Egyptian export gas prices for our long term contracts that have been accomplished long time ago, under completely different world market conditions.
Mutual understanding and positive response from all concerned parties will sure help achieving a stable long term supplies that satisfies interests of all parties.

Ladies and Gentlemen
Alliances and partnerships have become essential factors for success. Long-term collaboration based on mutual trust is now gaining more ground to improve the global gas industry.

In a world of globalization, integrated economies, and interdependent interests, we have to strengthen the dialogue and cooperation between producers and consumers to achieve long term stability in energy markets.
It is very well recognized that our forum is an excellent organization and adequate platform to play the principle role in achieving and maintaining a secured and stable international gas markets for many decades to come.
Finally,
I would like to thank the HE Secretary General, his team and my colleagues from the Egyptian petroleum sector for their extraordinary efforts in arranging this event and wish you all a fruitful meeting and enjoyable stay in Egypt.