News

30 November 2010

The II Ministerial Gas Forum organized by the International Gas Union (IGU) and International Energy Forum (IEF) has been held in Doha.

The II Ministerial Gas Forum organized by the International Gas Union (IGU) and International Energy Forum (IEF) has been held in Doha.

Following the meeting, IGU and IEF issued a joint declaration in which it was particularly noted that long-term contracts pegged to the price of petroleum “basket” will continue to be the main mechanism for trade in natural gas. “It is most likely that the long-term contracts pegged to oil will remain the main trading tool in the gas market, as they enable the producing companies to attract investment in capital projects on extraction of raw materials and development of transport infrastructure” - the document says.

According to the Qatari Minister of Energy and Industry, Abdullah Al-Attiyah, pegging the price of gas to oil products - is the “best way to maintain stability in the global gas market and to avoid abrupt, unpredictable price spikes and possible imbalances between supply and demand.

A.I. Medvedev, the deputy chairman of Gazprom’s management committee, Director General of Gazprom Export addressed the forum.

He noted that one should not underestimate the role of natural gas in ensuring a sustainable development of world economy. “Blue fuel” is the most environmentally friendly and economically viable fossil energy resource. Also, natural gas could become the basis for the implementation of the European Union “20-20-20” target program, and moreover savings from its consumption will exceed 50% compared with the cost of developing renewable energy sources in Europe. Replacing every other coal-powered energy generating station with gas turbine unit will, by 2020, reduce CO2 emissions by almost 60%.

A.I. Medvedev also answered questions from journalists on gas supplies to Europe and cooperation with China.

According to him, the European market will remain the major market for Russian natural gas supplies. Gazprom Group has enough resources also to meet the growing demand for “blue fuel” in the Asia-Pacific region.

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