Oct 09, 2019 19:37 Asia/Tehran [Updated: Oct 09, 2019 21:16 Asia/Tehran]
  • Petroleum Minister: Status of LNG determines future of gas exports

Petroleum Minister Bijan Namdar Zanganeh, referring to the future of gas exports, noted that the US is competing in gas and LNG just as it enters the oil field, shattering all the geography of the world's oil.

Iran Press/Iran news: Iran's Minister of Petroleum, Bijan Namdar Zanganeh on Wednesday, referring to the meeting of the Gas Exporting Countries Forum (GCEF) in Russia, stated that Ministers of Energy participated in this forum have extended the presidency of the Russian Secretary-General of GCEF for the next two years and they also delivered reports on the market situation and offered prices. 

Saying that the future of gas exports depends on LNG status, the Minister of Petroleum said that the US entry into this market is becoming a very decisive and influential factor in changing the geography of energy in the world, Iran Press reported.

“The United States is competing in the gas and LNG sector just as it enters the oil field, shattering all the geography of the world's oil,” he added.

The Minister went on to say 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 LNG market with pipelines for export to Europe.

He outlined 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, instead of specific decision-making, the energy ministers' information and experiences are exchanged. He highlighted that Iran, as the world's third-largest oil producer, has an important place in OPEC.

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

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. 101/219

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