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.
, whose members hold just under 70 percent of the world's natural gas reserves, also called for enhancing cooperation between member states and with consumers, especially in the field of technology.
Russian Energy Minister Sergei Shmatko said the GECF
would consider alternative mechanisms for determining gas prices to the current method of tying them loosely to the value of a basket of oil products.
Over the outlook period, the GECF
expects the power generation, transport and domestic sectors to consume more than 70 percent of global energy, with demand shares of 40 percent, 19 percent and 14 percent, respectively.
During the GECF
outlook (2017- 2040) period, the region will witness growth in pipeline exports, by a rate of 2.
Ongoing meeting of heads of state and government of GECF
members can result in great developments in production, export and transfer of natural gas", he said.
The Board of Directors of the GECF
recently drafted the agenda for its upcoming ministerial meeting in Tehran.
members together control over 70% of the world's natural gas reserves, 38% of the pipeline trade and 85% of the liquefied natural gas (LNG) production The three largest reserve-holders in the GECF
--Russia, Iran and Qatar--alone hold about 57% of global gas reserve.
By then, Russia had taken the front seat in GECF
deliberations along with Algeria and Iran.
This is mainly due to lower prices resulting from higher natural gas supplies," said GECF
In the GECF
outlook period (2017-2040), the boom in LNG trade is expected to continue, with liquefaction facilities coming online in the US and Australia at higher rates Pratap John