Ivan Timonin, a senior consultant at Implementsa, said that the BRICS expansion will develop technological and investment co-operation in the gas market. This is reported by RIA Novosti.
Ivan Timonin emphasises that the enlarged BRICS countries will be able to jointly develop their own technologies or produce gas equipment. According to him, the outcome of the BRICS summit in Johannesburg showed that the UAE, Saudi Arabia, Iran, Argentina, Egypt and Ethiopia will officially join the union. Full-fledged cooperation between the countries of the union is likely to start from 1 January 2024.
“In the context of the impact on the gas market, the BRICS expansion is of interest not so much in terms of strengthening trade relations, but rather in terms of developing technological and investment cooperation,” the expert said.
The expert believes that the countries that will become new members of the association, Egypt and the UAE together with the Russian Federation will be the largest exporters of LNG. Iran is also planning to enter this market.
According to him, one of the initiatives within the new BRICS could be, most likely, a new joint development of gas liquefaction technologies and production of the necessary equipment. At the same time, he specifies that gas reserves will double after the expansion of the organisation. Timonin stresses that they will approximately grow to 50% of the world’s reserves, or almost 94 trillion cubic metres.