Lifting Sanctions “Game Changer” for Gas Markets

Lifting Sanctions “Game Changer” for Gas MarketsLifting Sanctions “Game Changer” for Gas Markets

An agreement between Iran and the five permanent UN Security Council members US, UK, France, Russia, China plus Germany (P5+1) on the Islamic republic's controversial nuclear program could prove to be a game changer for global gas markets, the secretary general of the Gas Exporting Countries Forum (GECF)was quoted by Gulf Intelligence as saying.

“The lifting of sanctions on Iran would be a game changer for world gas markets. Iranian gas will be needed, both economically and politically,” Dr. Seyed Mohammad Hossein Adeli, Secretary General of the GECF told the 4th Gulf Intelligence Energy Markets Forum in the UAE emirate of Fujairah on Wednesday.

Global gas demand is seen more than doubling by 2050, driven partly by economic growth but also a trend towards greater diversification of the world's energy mix, Adeli said. He added that the share of gas in the global energy mix was expected to double to about 26 percent in the future.

The 13-member GECF, whose members include, Russia, Qatar, the UAE and Iran, was set up in 2001 to foster closer cooperation between gas exporting states.