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FINANCIAL NEWS
Algeria: Gas exporters plan to boost prices
20 Apr 2010
(MENAFN) Algeria is hosting the world’s biggest gas exporters in search of a strategy to boost gas prices without hurting any members of the Gas Exporting Countries Forum (GECF), Reuters reported.
Ministers from Europe’s three biggest external gas suppliers, Russia, Algeria and Qatar, hope that the diverse group of gas exporters would find a mutually beneficial plan to halt a flood of gas that has reduced the countries’ profits for over a year.
Algeria’s Energy Minister, Chakib Khelil, said that a new model of cooperation is to be devised, beneficial to all members. He urged the ministers to work towards a stable international gas trade through efficient use of world energy resources.
It is worth mentioning that the Gas Exporting Countries Forum (GECF) members account for nearly 70 percent of the world’s conventional gas reserves. These members are suffering as demand for their product has been dampened by sluggish economic growth and an unexpected surge in alternative gas supplies in former imported gas guzzler sponge the US.
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