Oil Minister Asks for Revising Gas Contracts, Pricing Method

TEHRAN (Tasnim) – Iranian oil minister told the 15th ministerial meeting of Gas Exporting Countries Forum (GECF) in Tehran on Sunday that there needs to be a revision in the type of gas contracts and pricing method in the global trade of this source of energy.

Oil Minister Asks for Revising Gas Contracts, Pricing Method

The 15th ministerial meeting of Gas Exporting Countries Forum (GECF) started today in Tehran’s Azadi Hotel, with ministers and representatives from 13 member states and four observer countries in attendance.

“We ask all GECF member states to work together in a concerted effort to come up with appropriate strategies for achieving energy security, which is the most important objective of this conference,” said Bijan Namdar Zanganeh.

He said that achieving energy security is important for every country in the world and Iran, with more than 33 trillion cubic meters of natural gas reserves, can play a decisive role in that respect.

Zanganeh said that gas is a clean source of energy and of great significance for development of all countries, adding that by the year 2035 natural gas would account for 26% of the total world energy consumption.

“Despite the existence of the present day competition among the exporters of natural gas, these countries must always pursue the objective of mutual interests, as such cooperation will remove the common challenges,” he said.

Zanganeh said that Iran’s strategy in the field of natural gas is increasing production and expansion of exports, adding that Iran also favors broader presence in world market and creation of a new atmosphere for cooperation with the entire gas exporting countries.

GECF’s financial and administrative issues, approval of the next year budget, electing the Forum’s secretary general and discussion of reports on the forum's  performance this year are the most important topics on the agenda of the 15th ministerial meeting.

The forum is a multi-layered and an intergovernmental organization of the world's leading natural gas producers comprising Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Oman, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela.

Kazakhstan, Iraq, the Netherlands and Norway have the status of observer members.

GECF is a gathering of the world's leading gas producers and was set up as international governmental organization with the objective to increase the level of coordination and strengthen the collaboration among member countries. It also seeks to build a mechanism for a more meaningful dialogue between gas producers and gas consumers for the sake of stability and security of supply and demand in global natural gas markets.

With the current number of Members the GECF has a strong position on the world gas market and among international energy organizations. Its potential rests on the enormous natural gas reserves of the member countries, which account for 62% of the world proved natural gas reserves.

The first GECF summit meeting was held in the Qatari capital of Doha on November 15, 2011.

The GECF was founded in 2001 in Tehran.

The legal establishment of the forum took place on December 2008 in Moscow, where energy ministers of member states adopted the forum's charter and signed an intergovernmental agreement.

Most Visited in Economy
Top Economy stories
Top Stories