Arab Today, arab today gas forum readies for first summit
Last Updated : GMT 22:56:43
Arab Today, arab today
Arab Today, arab today

Gas forum readies for first summit

Arab Today, arab today

Arab Today, arab today Gas forum readies for first summit

Doha - AFP

Energy ministers of the Gas Exporting Countries Forum met on Sunday to prepare for a first summit of the 12-member group which is to discuss prices and coordination. The GECF, whose members hold just under 70 percent of the world's gas reserves, reviewed "the challenges facing the natural gas industry as well as effective cooperation among GECF members for developing a stable and transparent gas market," said a statement released after the one-day meeting. Qatar's Energy Minister Mohammed bin Saleh al-Sada told a press conference that the members were looking for a fair price for natural gas but denied the forum was aimed at controlling prices. The producers want "a fair price for gas that is linked to an energy commodity, especially crude oil ... Gas prices are not yet in parity with oil," Sada told reporters. "Fair prices are determined by demand and production (supply). It is not the duty of this forum to determine prices," he said. "This forum was established under different circumstances from OPEC," he added referring to the Organisation of Petroleum Exporting Countries. "Its (GECF) objectives are different from that of OPEC." Sunday's meeting welcomed Oman as the newest member of the forum bringing their total to 12. The GECF also comprises Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela, while Kazakhstan, Norway and the Netherlands are observers. Iranian President Mahmoud Ahmadinejad and Algerian leader Abdelaziz Bouteflika are among heads of state who will attend the one-day summit on Tuesday in the Qatari capital, organisers said. According to the GECF, the summit is to discuss the priority of long-term contracts as the basis of security for exporters and consumers of natural gas. It will also seek ways to establish a fair price for gas under a gas-to-oil indexation, with the objective of overcoming the disparity between crude oil and gas prices, the organisers said. The leaders will also review cross investments and technological collaboration between GECF members. Russia is the world's largest gas producer and sits on 30 percent of global reserves, while Qatar is the largest liquefied natural gas (LNG) exporter with a production capacity of 77 millions tonnes a year. Gas prices are determined either in long-term contracts between sellers and buyers, which some exporters index to oil, or on spot markets. World gas demand dropped by 2.1 percent in 2009 due to the global economic recession, but the GECF says it rebounded last year, rising 7.3 percent, mainly due to Japan boosting LNG imports after its March tsunami and nuclear crisis.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gas forum readies for first summit Arab Today, arab today gas forum readies for first summit

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday