October 8, 2008

No Plans for Gas OPEC Yet – Russian Official

Excerpt from report by corporate-owned Russian news agency Interfax

Moscow, 8 October: Leading gas exporting countries are not yet going to set up a gas trading structure similar to OPEC, Russian First Deputy Foreign Minister Andrey Denisov has said.

Work is under way at the Gas Exporting Countries Forum (GECF), he said.

"At the moment, we are studying various ways to develop the forum further. However, none of them provides for the creation of an OPEC- like international cartel," Denisov said in an interview with Interfax today.

At the same time, Denisov said the existing structure of gas markets does not meet the requirements, he said.

"The lack of a single global gas market makes collective mechanisms of influencing the volumes of and prices for gas inefficient. In addition, these prices are quite rigidly linked to the oil ones," the Russian diplomat said.

He also said that another GEFC meeting will be held in Moscow in mid-November. [passage omitted]

Originally published by Interfax news agency, Moscow, in Russian 0917 8 Oct 08.

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