Gas OPEC is not created – the global gas market is still underdeveloped, - Deputy Prime Minister of Russia
11:19 30.12.2021 6308
The players in the global gas market are far from creating a global market regulator similar to OPEC. According to Russian Deputy Prime Minister Alexander Novak, the gas market has not yet matured before this, Interfax reported on Wednesday.
In an interview with RBK, he said that «there are no negotiations on this score».
«The Forum of Gas Exporting Countries, which has been successfully operating for many years, unites a little more than 15 countries – gas producers and exporters. But this international organization does not have the task of regulating the market. There is a task to exchange views and technologies, conduct joint research, consultations, make forecasts regarding the gas market», - Novak explained.
«The world oil market is quite developed in terms of production, supplies and exchange trading. And the gas market is probably not yet so developed. Pipeline supplies continue to occupy a significant share, although the share of LNG is growing. It is expected that in the coming years their ratio will be 50-50 But this is not the level when gas can become such an exchange commodity as oil. Perhaps then [when LNG supplies reach 50% of the market] there will be prerequisites for regulation. Now this is simply impossible», - Russian Deputy Prime Minister believes.
According to Novak, one of the reasons for the observed energy crisis in Europe is the lack of planning.
«Hope for the market, for gas supplies on the spot, which we have today, and tomorrow we will not. The European Commission is deliberately abandoning the basic principles – from long-term investments in the industry and long-term contracts in favor of spot contracts. Long-term contracts should also be concluded that guarantee the basic component gas supplies to Europe», - Novak said.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
Dynamic development of national investments is carried out at the fields of Turkmenistan
Vice-Chairman of the Cabinet of Ministers Shakhym Abdrakhmanov, during an extended meeting of the government last Friday, reported on the work carried out by the oil and gas complex to increase oil and natural gas production, as well as the timely development of national investments in the coming years.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.