Medvedev: Establishment of New Organization, GECF, to Have Strong Impact on Market

24.12.2008 10:59

On Tuesday Ministers of Energy of 14 countries possessing 73 per cent of world gas reserves and producing 42 per cent of this blue fuel worldwide at their meeting in Moscow approved a charter of the Gas Exporting Countries’ Forum (GECF). The parties agreed to coordinate their activities in all main spheres. They include exchange of information on forecasts and on implementation of investment programs; cooperation with gas consuming countries; implementation of new technologies in the gas sector and provision of join work.

President Dmitry Medvedev of the Russian Federation addressed the Forum and congratulated its participants.

"I want to start by congratulating you all on the legal founding of this new organization – the Gas Exporting Countries’ Forum, which, following today’s meeting, can now be considered established”, claimed Dmitry Medvedev.

"All of the founding documents, the Charter and the agreement, have been signed. This is a significant event for the markets, and I hope that it will have a full and strong impact”, said the Russian President.

According to the Russian Head of State in the current situation having the exporting countries take a coordinated position is crucial for global stability, energy security, and a balance between the interests of exporters, transit countries, and consumers.

"In the current situation, when all of us face a number of big problems, problems that are not of our making, our ability to act in consolidated fashion on the international markets is vital for our countries’ prosperity”, emphasized the President.

The countries participating in the GECF are Algeria, Bolivia, Brunei, Venezuela, Egypt, Indonesia, Iran, Qatar, Libya, Malaysia, Nigeria, United Arab Emirates, Russia, Trinidad and Tobago and Turkmenistan. The member-states have taken a decision to admit Equatorial Guinea, which was an observer state earlier. Norway and Kazakhstan are observer states.

The GECF HQ will be located in Doha, the capital of Qatar. At a secret voting this city received six ballots while St.-Petersburg – only five.