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News number: 8901161294

19:45 | 2010-04-05

Economy

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Iran's Oil Minister to Take Part in GECF Ministerial Meeting in Algeria

TEHRAN (FNA)- Iranian Oil Minister Seyed Masoud Mir-Kazzemi is slated to take part in the upcoming meeting of the Gas Exporting Countries Forum in Algeria later this month, a senior Iranian oil official announced on Monday.



"Concurrent with the meeting of the ministers of the Gas Exporting Countries Forum (GECF) in Oran, Algeria, in which Seyed Masoud Mir-Kazzemi will take part, the largest conference and exhibition of LNG (Liquefied Natural Gas) will be held on the sidelines of the mentioned forum," Iran's Governor at the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Ali Khatibi added in an interview with FNA.

He added that the forum in the Western Algerian city of Oran on April 19 is aimed at reviewing the issues discussed by the executive committee as well as the latest developments in the gas market.

The Iranian official further said that participation of over 3,000 experts in the LNG conference could be deemed as an emphasis on the value of the gas industry.

Noting debates and discussions over a proper gas-pricing formula, Khatibi reminded that at present the price of gas is calculated on the basis of oil price, and said many experts believe that the present formula should be abandoned and the link between gas and oil prices should be cut.

Iran, Algeria, Bolivia, Brunei, Egypt, Equatorial Guinea, Indonesia, Malaysia, Nigeria, Qatar, Russia, Trinidad and Tobago, the UAE and Venezuela are members of the organization.

The gas cartel is still officially known as the Gas Forum, but major exporters Iran and Russia last year started a move to change the body into an OPEC like organization called the Organization of Gas Exporting Countries (OGEC).

Iran, Russia, Qatar, Venezuela and Algeria are among the GECF's member states which possess 42% of the world's gas reserves.