2 December 2010

GECF member countries discuss the situation on the world gas market

The 11th ministerial meeting of the Gas Exporting Countries Forum (GECF) was held in Doha with participation of representatives of member countries: Algeria, Venezuela, Egypt, Iran, Qatar, Libya, Russia, Trinidad and Tobago and the Equatorial Guinea.

Official reports were made by GECF Secretary General Leonid Bokhanovsky and the head of GECF Executive Council Ivan Orelyan.

The ministers discussed the 2011-2015 GECF strategy and talked about coordination of operations of the Forum member countries.

Participants of the meeting were united in their concern about the current level of prices for the natural gas, which challenges return on investments in the development of new fields and construction of the gas transportation infrastructure. The ministers believe that natural gas prices should continue to be determined by being linked to oil prices.

The meeting resulted in adoption of a Declaration. In particular, the Declaration states the resolution to organize the first Gas Summit to be held in Doha in 2011, and set up a Management Committee for analysis of the performance of the current gas market model.

“Given the importance of providing for demand for gas in future, natural gas producers and exporters must invest significant resources in large-scale and highly elaborated projects”, said L. Bokhanovsky, “The Summit will allow discussing common challenges, possibilities and plans for investing in projects to guarantee their full-scale implementation”.

The next ministerial meeting of GECF member countries will take place on June 2, 2011 in Sharm-esh-Sheikh (Egypt).

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