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GECF member states call for ensuring creation of fair gas price

This also refers to ensuring stable gas supplies

MOSCOW, October 27. /TASS/. Member states of the Gas Exporting Countries Forum (GECF) have called for ensuring a fair price for natural gas, according to the declaration adopted following the summit in Moscow.

The member countries of the association call for "ensuring the creation of a fair price for natural gas, including through the use of long-term contracts and diversified pricing mechanisms, such as oil-price adjustment, in international gas trade in order to achieve an objective distribution of risks, enhance price predictability, reduce market volatility, and attract necessary investment in gas infrastructure, including underground storage facilities and liquefied natural gas storage," the document reads.

This also refers to ensuring stable gas supplies.

The Gas Exporting Countries Forum includes Russia, Iran, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Qatar, Trinidad and Tobago, the United Arab Emirates, and Venezuela. Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru, and Senegal are observer states. GECF members hold roughly 70% of the world’s proven gas reserves, account for 38% of global gas production and 42% of global gas exports, and represent 47% of global exports of liquefied natural gas (LNG).

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