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Read more with google mobile : Gas states meet in Russia amid 'gas OPEC' fears

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Gas states meet in Russia amid 'gas OPEC' fears AFP - Wednesday, December 24 MOSCOW (AFP) - - Ministers from gas-exporting countries were meeting in Moscow Tuesday to put the finishing touches to their new club, amid Western fears the group could act as the gas equivalent of the OPEC oil cartel. The Gas Exporting Countries Forum (GECF) groups Russia, the world's biggest gas producer, with other gas-rich states such as Iran and Qatar and 11 other gas-exporting countries. But officials have been at pains to emphasise that the purpose of the annual meeting is to finalise and approve a charter for the body rather than create a cartel to fix prices. "I emphasise that we have no intention of creating a cartel of producers," Russian Energy Minister Sergei Shmatko said in an interview with the government daily Rossiskaya Gazeta on Monday. "Our aim is to guarantee an indispensible equilibium between gas suppliers and to coordinate policies between consumer and producer countries." At the meeting, "we are thinking about the way to establish the 'rules of the game'," he said. Initial meetings opened at 0700 GMT at an upscale Moscow hotel and the participants were later due to meet Russian Prime Minister Vladimir Putin before a news conference by energy ministers at 1530 GMT. Members of the Organisation of Petroleum Exporting Countries (OPEC) meet regularly to agree their production quotas in order to influence the price of crude oil on global markets. But ministers, as well as analysts, agree that a cartel for natural gas makes far less sense. Gas exports generally require the construction of capital-intensive pipelines and contracts are signed over long-term periods. Oil exports on the other hand are generally based on a spot market price to the barrel for delivery within relatively short timeframes. "There is a serious difference between the oil market and the gas market, which renders the idea of the gas cartel superfluous," said Vyacheslav Bunkov, an analyst with Aton investment group. The forum, whose creation dates back to 2001, groups Algeria, Bolivia, Brunei, Egypt, Indonesia, Iran, Libya, Malaysia, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela. Equatorial Guinea and Norway will attend the Moscow meeting as observers. Five of these countries between them control nearly two-thirds of the world's gas reserves and account for 42 percent of its production -- Russia, Iran, Qatar, Venezuela and Algeria. But Putin last month rejected as "baseless" claims by critics that the forum would act like OPEC and cooperate to fix prices. "We will not create any cartel, nor sign an agreement on a cartel. None of us will give up part of his sovereignty when decisions are made," he said. Iran, Qatar and Russia -- the three countries with the world's largest gas reserves -- have also been working create a new forum for joint projects within the forum of the GECF. Iran sits on the second-biggest proven global gas reserves after Russia but so far has played only a minor role on the gas export market due to huge domestic demand and lack of foreign investment in its gas fields. Qatar boasts the third-largest proven gas reserves and is targeting the number one position in the Liquified Natural Gas (LNG) sector worldwide. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Oil Price Hike Gas states meet in Russia amid 'gas OPEC' fearsAFP - Wednesday, December 24 Bahrain says Occidental leads oil contract biddersReuters - Monday, December 22 Oil prices mixed; New York contract expires below 34 dollarsAFP - Saturday, December 20 New York oil price slumps below $34 a barrelAFP - Saturday, December 20 Related Articles: Business Russia drops duty on steel for motor vehiclesReuters - 29 minutes ago Iraq's Nov. oil revenues fall as exports stableAP - 30 minutes ago CIT to receive $2.33B from government programAP - 30 minutes ago India bond yields rise in thin volume, cbank eyedReuters - 32 minutes ago RasGas to revise LNG prices for India every monthReuters - 34 minutes ago Enlarge Photo Gas states meet in Russia amid 'gas OPEC' fears Related Full Coverage oil price hike oil price hike All Full Coverage Most Popular – Business Viewed Britain edges to recession, IMF warns of Great Depression Quake zone hero pig named China's animal of the year Two Chinese giant pandas head for Taiwan Actress Jennifer Aniston appears naked in GQ magazine Weak sales could topple US carmakers despite bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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