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Iran becomes chair of Gas Exporting Countries Forum (GECF)

Source: Mehr News Agency

Iran has been named the new chair of the Gas Exporting Countries Forum (GECF) and will host a GECF summit in autumn 2013.

Leaders of the world's biggest gas suppliers ended their first summit in Doha, Qatar on November 13. During the gathering, they restated the need for a fair gas price, while Iran, whose president was absent, warned that Western taxation could derail the energy market, according to AFP.

The GECF issued a declaration after the one-day summit, in which the 12 member states emphasized "the need to reach a fair price for natural gas based on gas to oil... prices indexation."

Iranian Oil Minister Rostam Qasemi called the meeting "a turning point in the history of the natural gas industry," but criticized the taxes imposed on energy exports by Western consumer countries.

Any taxation by consumer countries "will derail the energy market," Qasemi stated, adding that the fall in the value of the dollar has "negatively affected the world economy."

The forum unites 12 countries as full members and 3 as observers. The full members possess 70 percent of the world's gas reserves and account for 42 percent of gas production, 38 percent of transport through gas pipelines, and 85 percent of the liquefied natural gas (LNG) business.

The GECF members are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Oman, Qatar, Russia, Trinidad & Tobago, and Venezuela, while Kazakhstan, Norway, and the Netherlands have observer status.

... Payvand News - 11/27/12 ... --

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