Oct 9, 2019, 7:41 PM
Journalist ID: 2382
News Code: 83510899
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Future of gas exports depends on status of LNG

Tehran, Oct 9, IRNA - The United States is competing in gas and LNG just as it enters the oilfield, shattering all the geography of the world's oil, the oil minister said while referring to the future of gas exports.

Referring to the meeting of the Gas Exporting Countries Forum (GCEF) Ministers of Energy in Russia, Bijan Namdar Zanganeh said on Wednesday that the Energy Ministers have extended the presidency of the Russian Secretary-General of GCEF for the next five years and delivered reports on the market situation and offered prices.

Saying that the future of gas exports depends on LNG status, the Minister of Oil said, "The US entry into this market is becoming a very decisive and influential parameter in changing the geography of energy in the world. In fact, the United States is competing in gas and LNG just as it enters the oil field, shattering all the geography of the world's oil."

Zanganeh said that the Russians had complained about the destructive role of the United States in the gas field at the GCEF summit, saying that the US had hit the Russian gas and the LNG market with pipelines for export to Europe.

He described the energy issue as decisive and said that now the price of gas is low and it seems; the gas market will be a challenging market in the future.

Zanganeh said that at the GECF meeting, rather than the specific decision-making, most of the energy ministers' information and experiences would be exchanged, adding that Iran, as the world's third-largest oil producer, has an important place in OPEC.

Oil Minister noted that Iran first proposed the GECF idea in 2001 and its first summit was held in Iran while Iran, Russia and Qatar play major role in GECF since they play the most role in the production of gas.

The Gas Exporting Countries Forum or GECF is a newly established organization set up to coordinate the production, export, and control of natural gas prices worldwide in 2008. The GECF countries account for 42% of the world's gas production, 70% of the world's gas reserves, 38% of the transfer of gas via pipeline and 85% of liquefied natural gas (LNG) trade.


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