The BRICS expansion is identified as a driver for gas-market collaboration, according to a senior adviser at Practicea, in remarks to RIA Novosti. The expert explained that member nations could jointly develop new technologies or manufacture equipment needed for the sector.
Countries including Argentina, Ethiopia, Iran, Egypt, the United Arab Emirates and Saudi Arabia are set to join BRICS if they formally accept invitations in 2024. It is anticipated that they may attain full membership from 1 January.
From a gas-market perspective, the expansion is viewed not as a simple step to strengthen trade, but as a platform for boosting technological and investment cooperation, Timonin noted.
Egypt and the UAE stand out as major LNG exporters, alongside Russia, while Iran is planning to enter the LNG market as well. The analyst noted that with the expanded lineup, BRICS could begin to advance its own liquefaction technologies and the production of essential equipment for the gas industry.
The BRICS summit took place in Johannesburg from 22 to 24 August, marking the group’s first face-to-face gathering in three years without the presence of President Vladimir Putin, who followed proceedings remotely. [Source: RIA Novosti]
Recent projections suggest that the GDP of BRICS economies could account for roughly 37% of global output once the new members are integrated into the bloc.