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Meet the international gas cartel..

May 25th, 2009 · 1 Comment

Yes, it’s up and running, sort off…

It has 14 membersĀ  that represent 70% of the worlds natural gas reserves. There are two observer countries (Norway and Equatorial Guinea), The Netherlands has just indicated it also wants observer status.

Here is it’s mission statement:

Mission of GECF

It is the Mission of the Gas Exporting Countries Forum to:

  • Identify and promote measures and processes necessary to ensure that Member Countries derive the most value from their gas resources, taking into consideration the nature of gas as a non-renewable source of energy.
  • Promote the appropriate dialogue among gas producing and consuming countries to ensure appropriate balance in the sharing of risk associated with the gas markets and fair pricing for both producers and consumers.
  • Promote common policies for access to capital and financial resources and transparency among member countries in the exchange of capital, financial data, and know-how.
  • Foster mutual work for the integration of the gas markets and its stability.
  • Exchange information on investment opportunities in member countries.
  • Promote the acquisition and exchange of technology and experiences, and to equip Member Countries with the know-how to efficiently and effectively exploit their gas resources to the benefit of their country and peoples.

We’ll have to wait whether this will develop into an OPEC type cartel, but the signs are rather ominous.

Tags: Natural Gas

1 response so far ↓

  • 1 Jim Tate // May 25, 2009 at 6:58 pm

    PNG could join..