Gas Exporting Countries Forum, an industry group representing gas sellers, will support its members against US sanctions as the restrictions have no economic basis, GECF’s secretary-general said on Friday.
“These sanctions act as political leverage to affect the markets, that's why we confront the constraints,” Yuri Sentyurin was alsoquoted as saying by ILNA.
Stressing that GECF do not play the role of a gas cartel, Sentyurin added that the group is formed to exchange expertise and data, as well as introduce state-of-the-art methods and equipment of the industry to gas-rich countries.
“I have reiterated that GECF is not a political organization and has an economic character. Thus, we invite all gas suppliers to fair competition,” the GECF chief said, underlining that the group exchanges information for free, but stands against interventions in the market. On GECF’s plans on accepting new members, he noted that the organization will not obligate any country to become a member and it would be on a voluntary basis.
“The GECF’s doors are open to all countries, which are willing to join it and we put no pressure on any country to do so,” he said.
Sentyurin stressed that Iran plays a key role in GECF and its abilities in the gas sector should be further introduced.
Established in Tehran in 2001, GECF is an intergovernmental organization of 12 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.
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 GECF—Russia, Iran and Qatar—together hold 57% of global gas reserves.
