GECFGas Exporting Countries Forum
GECFGeneral Electric Consumer Finance
GECFGreater Everett Community Foundation Project (Seattle, WA)
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He said GECF currently only provides a forum for its members to discuss market developments and their policies while the decisions made in the forum are not binding on the members, like OPEC.
Former Iranian central banker Mohammad-Hossein Adeli was elected to lead the GECF for a two-year term.
GECF is an intergovernmental organization of the world's leading natural gas producers comprising Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela.
He said the forum, due to lack of articles of association, had moved at a snail's pace, adding that Khamenei's idea was a turning point for the GECF. After Iran's proposal, he said, the participants agreed to form a committee comprising deputy ministers and experts to study the articles of association and financial regulations and to offer their report in the next session in Moscow.
They emphasised their desire to continue working closely together, both at a high-level, as well as on a technical level," Doha-based GECF said in a statement on Thursday.
The organization's secretary general Yury Sentyurin stressed that he plans to work with observer countries at GECF.
"GECF is expanding and the membership of Azerbaijan with Observer status proved it," said Mehdi Asali, director general for OPEC and energy forums.
According to the declaration, GECF members "recognize the importance of long-term gas contracts to achieve a balanced risk sharing mechanism between producers and consumers."
Summary: Energy and Mines Minister Chakib Khelil emphasized Wednesday in Doha the need to stabilize gas prices in the world, and called the member states of the Gas Exporting Countries Forum (GECF) to develop a strategy to that end.
DOHA The Emir His Highness Sheikh Hamad bin Khalifa al Thani will inaugurate the Ninth Ministerial Meeting of the Gas Exporting Countries Forum (GECF) on Wednesday.