DOHA: Egyptian Energy Minister Sameh Fahmi said Sunday that forming an Opec-like gas cartel was not a good idea as the world is not prepared to have a new energy organization.
Its not a good idea at this stage, Fahmi said when asked about the idea of forming a cartel for the gas producing and exporting countries like the Organization of the Petroleum Exporting Countries (Opec).
The world is not prepared to have a gas-Opec, the minister said on arrival to Doha to attend the sixth ministerial meeting of the Gas Exporting Countries Forum (GECF), opening in the Qatari capital Monday. At least in the Opec, you know what the price of the crude oil, you know the quotas. With regards to gas, nobody knows the prices and nobody is declaring the price of their exports, Fahmi said.
Its very difficult … we are talking about the security of gas supplies. We should have stability in the market … through talks with the consumers, the minister said.
Earlier, Algerian Energy Minister Chakib Khelil said that the gas cartel proposal was only an idea that may be discussed during the meeting.
This is still an idea that has not reached a level that makes us say that gas producing and exporting countries would form an organization, Khelil said.
Qatar, which aspires to become the world s top exporter of liquefied natural gas, is from Monday to host the two-day sixth ministerial meeting of the Gas Exporting Countries Forum (GECF).
The possibility of a gas cartel has been floated in recent weeks, mainly by Iran, which is a member of GECF, an informal structure grouping 15 nations that was founded in 2001.
The GECF includes Algeria, Indonesia, Iran, Qatar, Russia and Venezuela, which together control 72 percent of the world s gas reserves and 42 percent of production.
