Min: GECF needs bolstering to secure stable gas market

MOSCOW, Feb 21 (PRIME) -- The members of the Gas Exporting Countries Forum (GECF) need to strengthen their partnership in order to ensure stability in the global gas market amid growing energy consumption, Russian Energy Minister Nikolai Shulginov said at a forum meeting on Monday.

“Today the gas market still needs balance and stability. It is very important … to strengthen our partnership to develop solutions that will help ensure the sustainable, efficient and reliable functioning of the gas market in the face of growing energy consumption,” Shulginov said.

Russia disapproves of unilateral restrictions on economic, energy cooperation and barriers to energy trade and investment that impede sustainable recovery, the minister said.

GECF consists of 11 gas-exporting states. The members of GECF control 70% of the world’s proven gas reserves, account for 44% of global gas production, over 51% of global liquefied natural gas trade and 52% of pipeline gas supplies.

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