Envoy: GECF Can Stabilize World Energy Market

Moscow, June 30, IRNA – Iranˈs representative in International Energy Organizations Mohammad Ali Khatibi said Gas Exporting Countries Forum (GECF) is a young body which can bring stability to the world energy markets. Khatibi told IRNA here on Saturday that given many requests for joining the forum, there is a bright future for the body to coordinate international gas markets. He said that around 70 percent of world gas reserves belong to the GECF members, so the forum potentially has increasing power and effect as an international body for decision making and coordinating role. He went on to say that instability is one of the important concerns of the gas market and expressed hope that the forum can take effective steps in this concern. Referring to the existing vacuum in the field of defending interests of the gas producing and exporting countries, Khatibi expressed hope that consultations between ministers and heads of member states of the forum can remove the problem. Gas Exporting Countries Forum (GECF) meeting started its work here on Saturday and an Iranian high ranking delegation headed by Oil Minister Rostam Qassemi is attending the forum. The summit meeting will be held here on Monday July 1, 2013 . Members of the forum are producing 42 percent of the world gas and have 70 percent of the world gas reserves and 85 percent of the LNG trade globally. Members of the GECF are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Qatar, Russia, Trinidad and Tobago, Venezuela and Oman. The Netherland, Kazakhstan, Norway and recently Iraq are observers./end