Khaleej Times reported that the world’s largest natural gas exporters aim to cooperate on developing projects for production and sale of the fuel to boost supply and raise prices. Mr Sergei Shmatko energy minister of Russia said that Russia and Qatar, who together hold one third of the world’s gas reserves may cooperate in financing, building and marketing from a liquefied natural gas production project in Russia’s Arctic region. It would be the first gas production venture between the two countries. Mr Hamad bin Khalifa Al Thani the Amir of Qatar said that producers need to find ways of narrowing the price gap between gas and crude. Mr Al Thani and energy ministers from Iran and Egypt said that natural gas prices are too low and unfair to producers. The nations failed to agree whether OPEC-style limits on output would help boost prices. He said that the exporters’ group doesn’t want to control prices through production limits. Protecting the interests of exporting countries doesn’t mean that the interests of consuming nations won’t be considered. Mr Abdalla Ghorab petroleum minister of Egypt said that exporters need to attract more investment partners to help pay for rising production costs. Egypt has sought to negotiate price increases for customers of its gas including Israel, Jordan and European buyers. Mr Rostam Qasemi oil minister of Iran called for the GECF to develop a comprehensive market management plan that would allow them to react to demand fluctuations by adjusting supply. Mr Mustafa Abdel Jalil chairman of National Transitional Council said that Libya will make new efforts in coming years to find crude oil and gas and plans to develop new downstream projects along its coast. Mr Jalil assured the country’s partners that their energy projects there will be protected.

Source