Energy ministers of the Gas Exporting Countries Forum met to prepare for the first ever summit of the 11 member group which will discuss fair prices and stronger coordination.

The GECF, whose members hold just under 70% of world’s gas reserves, have been vying to establish a mechanism to set fair prices for natural gas to reflect parity with oil.

Mr Mahmoud Ahmadinejad president of Iran and Mr Abdelaziz Bouteflika leader of Algeria are among the heads of state who will attend the one day summit on November 15th 2011 in the Qatari capital Doha.

According to the GECF, the summit will discuss the priority of long term contracts as the basis of security for exporters and consumers of natural gas. It will also seek ways to establish a fair price for gas under a gas to oil indexation with the objective to overcome the disparity between crude oil and gas prices.

The organizers said that the leaders will also review cross investments and technological collaborations between GECF members who include Russia, Iran and Qatar.

(Sourced from www.hurriyetdailynews.com)