Gas forum ready for first summit

2011-11-13 12:51

Doha - Energy ministers of the Gas Exporting Countries Forum met on Sunday to prepare for the first ever summit of the 11-member group which will discuss fair prices and stronger coordination.

The GECF, whose members hold just under 70% of world's gas reserves, have been vying to establish a mechanism to set fair prices for natural gas to reflect parity with oil.

Iranian President Mahmoud Ahmadinejad and Algerian leader Abdelaziz Bouteflika are among the heads of state who will attend the one-day summit on Tuesday in the Qatari capital Doha, organisers said.

According to the GECF, the summit will discuss the priority of long-term contracts as the basis of security for exporters and consumers of natural gas.

It will also seek ways to establish a fair price for gas under a gas-to-oil indexation with the objective to overcome the disparity between crude oil and gas prices, the organisers said.

The leaders will also review cross investments and technological collaborations between GECF members who include Russia, Iran and Qatar.

Russia is the world's largest gas producer and sits on 30% of global reserves, while Qatar is the largest liquefied natural gas (LNG) exporter with a production capacity of 77 million tonnes a year.

Gas prices are determined either in long-term contracts between sellers and buyers, which some exporters index to oil, or on spot markets.

World gas demand dropped by 2.1% in 2009 due to the global economic recession, but the GECF says it rebounded last year, rising by 7.3%, mainly due to Japan boosting its LNG imports in the wake of the March tsunami and nuclear crisis.

The GECF group includes Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela. Kazakhstan, Norway and the Netherlands are observers.

Read more on:    energy

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

linking and moving

2015-04-22 07:36 publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.

Inside News24


Amazing solar inventions!

Solar power is lighting up the world, and not just on rooftops anymore.



Prince George the green prince?
One man's $1 million vision for an eco Africa
China's air pollution at doomsday levels
Keep food fresher for longer

Book flights

Compare, Book, Fly


There is a tendency to get too caught up in group dynamics and high expectations and ideals, that your own personal needs more

There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.