GECF Summit in November

The 4th Gas Exporting Countries Forum Summit is scheduled to be held in Bolivia in central South America on November 20. According to IRNA, the summit will be an opportunity for the members to exchange views on a wide range of energy concerns, especially natural gas marketing. GECF members are expected to discuss the global gas market and developments in the production of liquefied gases, namely LNG and LPG. Established in Tehran in 2001, GECF is an intergovernmental organization of 12 of the world's leading natural gas producers, namely Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela and the UAE. Tehran hosted the Third GECF Summit in November 2015, which brought together the heads of state and governments from nine countries, including Russia, Bolivia, Iraq, Turkmenistan, Equatorial Guinea, Nigeria and Venezuela. GECF members together control over 70% of the world's natural gas reserves, 38% of pipeline trade and 85% of LNG production. The three largest reserve-holders in the GECF—Russia, Iran and Qatar—together hold about 57% of global gas reserves.