Tehran, Jan 1, IRNA - The Gas Exporting Countries Forum has set up a workgroup to monitor market developments on a daily-weekly-monthly basis, said GECF’s secretary-general.
“The main work of GECF is to monitor the international gas market,” Thursday's edition of 'Iran Daily' quoted Mohammad Hossein Adeli as saying.

“Unfortunately, certain Western states are trying to portray GECF as a gas OPEC (Organization of the Petroleum Exporting Countries) or an economic cartel, but this is wrong,” he said.

Based on its bylaw, the organization is a platform for facilitating the exchange of information and experience among member countries.

Adeli noted that another job of the workgroup is to predict what will happen in the market in the mid- and long-term.

“The biggest function of the market is to process the market information,” he said, adding that GECF is committed to safeguard the interests of its member-states.

The GECF chief said the 18-member forum is prepared to increase members.

“GECF member-states hold 70 percent of the world’s gas reserves and account for 40 percent of the world’s gas output and 65 percent of compressed natural gas.

Adeli noted that Peru is a new member that joined the forum in the past few weeks.

Iran is to host the third GECF in fall of 2015.

In November 2013, Adeli, the former governor of Iran’s central bank and ambassador to Britain, was elected to head GECF for a two-year term.

The position was transferred to the Islamic Republic during the body’s 15th ministerial meeting in the Iranian capital Tehran.

The forum is an intergovernmental organization of the top natural gas producers comprising Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Oman, Qatar, Russia, Peru, Trinidad and Tobago, the UAE and Venezuela as its permanent members.

The Netherlands, Kazakhstan, Iraq and Norway hold observer status in GECF.

It was established with the objective of building a meaningful dialogue between gas producers and consumers to ensure the security of supply and demand in global gas markets.

Iran, which sits on the world’s largest natural gas reserves, plans to enhance gas production by increasing foreign and domestic investments, especially in its mammoth South Pars Gas Field.

By IRNA

 

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