25 November 2015 - 18:15
  • News ID: 250872
Muscat Hoping to Become Regional Gas Hub

TEHRAN Nov. 25 (Shana) – Oman's Ministry of Oil and Gas said Muscat is hoping to become a regional gas hub to send gas supplies to the markets in the US, Europe and the East.

Speaking to reporters on the sidelines of the 3rd Summit Meeting of the Gas Exporting Countries Forum (GECF), Mohammed bin Hamad Al Rumhy said his country is hopeful to create a regional gas hub in the Middle East region.

Stressing the difficulties of the gas market in comparison with norms in the oil market, Rumhy said in the past attempts were made for unifying gas markets in the world, but "I think regardless of the complexities of this market, the gas market can become unified." 

He said there is a need for creating a new regional market for gas which needs time. 

He further extended his gratitude to the summit's organizers in Iran. 

Asked why his country remains an observing member of the forum, he said Oman is a small country which cannot be a major player in the gas market.  

GECF is the intergovernmental forum of the world’s leading gas producers that provides a framework for exchange of experience, views, information and data, as well as coordination in gas related developments among member countries.

It consists of 19 main and observer members with its permanent secretariat based in Doha, Qatar. 

Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates, are main members of the gas exporting body. Observer countries are the Netherlands, Iraq, Oman, Azerbaijan, Peru, Kazakhstan and Norway. 

GECF members account for 42 percent of global gas output, 70 percent of global gas reserves, 40 percent of pipe gas transmission, and 65 percent of global trade of Liquefied Natural Gas (LNG).
News ID 250872

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