Sale gas threatens market

TEHRAN Nov 03 (Shana): The outgoing secretary-general of Gas Exporting Countries Forum (GECF) said on Sunday that shale gas threatens natural gas markets.

“The shale gas revolution poses a threat to natural gas markets,” Leonid Bokanovsky told a press conference in Tehran following the 15th GECF ministerial meeting.

He also said that GECF has been seriously seeking to boost its cooperation with influential bodies like the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) over the past years. He expressed hope that his successor Mohammad-Hossein Adeli will follow the same path.

GECF ministers also picked Iran’s candidate Mohammad-Hossein Adeli as new secretary-general of the forum.

GECF members account for 42 percent of the world’s gas production, 70 percent of the world’s gas reserves, 38percentof pipeline gas transmission and 85 percent of liquefied natural gas (LNG) trade.

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela, the United Arab Emirates and Oman constitute the 13 member states of GECF. The Netherlands, Kazakhstan and Norway have observer status and Iraq has recently joined the forum.



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