Gas giants attend in 16th GECF meeting

TEHRAN, Dec. 16 (MNA) – 16th OPEC Ministerial Meeting of Gas Exporting Countries Forum kicked off today in Doha, Qatar. The OPEC Ministerial Meeting of Gas Exporting Countries Forum began today in Doha, while falling oil prices cast a shadow over the meeting. For the first time, the meeting is chaired by Iran’s Mohammad Hossein Adeli as the secretary-general of the meeting, hosted by Qatar. Iranian Oil Minister Bijan Zanganeh will participate the meeting, attended by 13 oil and gas energy-rich world countries in Doha. The meeting will concentrate on the sharp decline in natural gas prices in world markets following the collapse of the international price of oil. Accordingly, with a 40 percent decline in global oil prices over the past 6 months, gas prices have dropped as well, especially in the single shipping market. At the 15th OPEC Ministerial Meeting of Gas Exporting Countries Forum, held in Tehran last year, Iranian Oil Minister Bijan Zanganeh had criticized the falls in prices, especially for gas prices, in the world market, saying that “plumetting prices has waned the economic justification of new gas projects, increasing the risks in project implementation and creating uncertainties in long-term and stable gas supplies.” Members of Gas Exporting Countries Forum hold 42 percent of world gas production, 70 percent of world gas reserves, 38 percent of gas transmission through pipelines and 85 percent of liquefied natural gas (LNG) trade. 13 countries of Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela, the United Arabic Emirates and Oman are members of the Forum, with Netherlands, Kazakhstan, Iraq and Norway participating as members with observer status. Gas Exporting Countries Forum (GECF) was first initiated by Iran in 2001 with the presence of three world largest natural gas reserve owners, Iran, Qatar and Russia.