August 29, 2008

Russia to consider Iranian proposal for Gas OPEC

It is reported that Russia is considering an Iranian proposal to set up an OPEC style cartel that would include the world's largest natural gas producers. A final decision on a charter to strengthen the clout of the Gas Exporting Countries Forum will be made when the group holds its annual summit in Moscow in June 2008.

Mr Anatoly Yanovsky deputy energy minister of Russia said that Russia received Iran's draft charter at a meeting with other forum members in Doha on October 28th 2007.

As per report, Russian foreign ministry has opposed the Iranian proposal because of negative implications for the country's international relations while, economic development & trade ministry is against it because the economic advantages for Russia are not clear.

The forum, which was first held in 2001, does not have a charter, a clear membership system or any permanent representatives.